Carson supervisors to explore funding of water, sewer projects
The Carson City Board of Supervisors is scheduled to take up two resolutions of intent Thursday authorizing the sale of general obligation bonds to finance water and sewer projects.
The $32 million in water bonds will be repaid through general fund property taxes and water fund revenues. The $4 million in sewer bonds will be repaid through general fund property taxes and sewer fund revenues.
If approved, a notice of public hearings will be advertised in the Nevada Appeal.
Also on Thursday’s agenda, staff is seeking direction on establishing the property tax rate for use in preparing the fiscal year 2010-11 budget. They are recommending using the allowed rate as compiled by the Department of Taxation.
Because of falling assessed values, it appears that if the property tax rates were left at 2010 levels, the tax revenues received from many parcels would not increase by the
3 percent residential and
8 percent commercial caps.
If the property tax rates were increased to the allowed rate, then the property tax revenues received by the affected parcels would increase and these taxpayers would be paying more in real property taxes.
Adopting the allowed rate would increase general fund revenues, both real and personal property taxes, by about $375,500 in fiscal year 2011 and would increase the Redevelopment Authority real and personal property taxes in fiscal year 2011 by about $100,000.
The tax rate would increase from about 3.13 percent in 2010 to 3.44 percent in 2011.
The Carson City Board of Supervisors meets at 8:30 a.m. Thursday in the Sierra Room of the Carson City Community Center, 851 E. William St. Go to www.
carson-city.nv.us/ to download an agenda and a complete information packet.