TO: Board of Supervisors
FROM: Tracy Schulze, Auditor-Controller
REPORT BY: Raymond Francis, Property Tax Accountant-Auditor
SUBJECT: Teeter Plan Implementation
RECOMMENDATION
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Adopt a Resolution to authorize the issuance of the fiscal year 2023-24 promissory note for delinquent secured taxes and the continuance of the Teeter Plan for fiscal year 2024-25. (Fiscal Impact: $1,705,498 Revenue, Various Funds, Budgeted, Mandatory)
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BACKGROUND
The Napa County Board of Supervisors adopted Resolution No. 93-79 on July 13, 1993 to approve and implement the alternative method of property tax apportionment known as the Teeter Plan. This item authorizes the promissory note for Fiscal Year 2023-24 and the continuance of the Teeter Plan for Fiscal Year 2024-25.
The Auditor Controller's Office has calculated the Fiscal Year 2023-24 Teeter Buyout, in the amount of $8,115,935, to fund payment of the delinquent secured taxes. The required Teeter 2023-24 Note Reserve amount is $243,478. In accordance with Revenue and Taxation Code 4703.2, the minimum balance for the Tax Loss Reserve is $4,123,978.
The County's portion of the Teeter Buyout consists of $1,325,204 for General Fund, $116,902 for Fire Non-Structural, $155,538 for the County Library, and $107,854 for Fire Protection. The County total is $1,705,498.
Please see the attached memo, resolution and promissory note for the ongoing implementation of the Teeter Plan.
Requested Action: Adoption of the Resolution authorizing the continuance of the Teeter Plan for fiscal year 2024-25, authorize the issuance of a promissory note to fund payment of the Fiscal Year 2023-24 delinquent secured taxes, and authorize the Chair and the Clerk of the Board to sign said promissory note.
FISCAL & STRATEGIC PLAN IMPACT
Is there a Fiscal Impact?
Yes
Is it Mandatory or Discretionary?
Mandatory
Is the general fund affected?
Yes
Future fiscal impact:
The appropriate buyout is calculated by the Auditor-Controller every year, in acco...
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