Drafter
Clerk 11/21/2024
Title
A RESOLUTION relating to the finances of the King County Flood Control Zone District ("District") for collection in 2025; authorizing a property tax levy increasing property tax revenue to implement the District's 2025 budget and work program; reserving banked capacity; and protecting up to $.25 per $1,000 of assessed value of the District's property tax levy from proration.
Body
WHEREAS, every year, King County faces threats from flooding, the impacts of which are far-reaching and pose significant threats to public health and safety and economic activities throughout the county, and
WHEREAS, the one hundred-year floodplain in the county covers more than 25,000 acres or almost forty square miles, and
WHEREAS, more than five hundred flood protection facilities throughout the county protect property with an estimated assessed value of more than $7 billion, and
WHEREAS, flood control facilities provide vital protection to the regional economy, and
WHEREAS, one of the most fundamental functions of government is to protect residents and public and private property from the ravages of natural disasters, such as flooding, and
WHEREAS, the King County Flood Control Zone District ("District") implements flood risk reduction projects countywide and conducts corridor planning studies in the major river systems of King County to better assess both current conditions and update its capital program planning to reflect flood risk reduction needs throughout the county, and
WHEREAS, the needs assessment performed for each capital investment strategy indicate that a much larger capital project need exists to implement planned multi-benefit flood risk reduction projects and address emergent and urgent flood risk reduction needs throughout King County, and
WHEREAS, the District seeks to increase its revenues starting in 2025, through a three cent increase in levy rates, and
WHEREAS, the District wishes to accumulate the revenues necessary to implement the capital improvements identified through its Six-Year CIP and the respective capital investment strategies, and
WHEREAS, the board of supervisors of the King County Flood Control Zone District ("District"), after holding a hearing on November 12, 2024, and November 19, 2024, and after duly considering all relevant testimony presented, desires to increase its property tax revenue from the previous year by the additional amounts permitted under RCW 84.55.010, if any, resulting from new construction, improvements to property, newly constructed wind turbine, solar, biomass and geothermal facilities, any increase in the value of state-assessed property, any annexations that have occurred, and refunds made, in order to implement the 2025 budget and work program in the best interests of the District and to meet the expected expenses and obligations of the District, and
WHEREAS, the board of supervisors finds it necessary to protect the District's tax levy from prorationing by imposing up to $0.25 per $1,000 of assessed value of the levy outside of the $5.90 per $1,000 assessed value limitation under RCW 85.52.043(2), and
WHEREAS, the board of supervisors duly considering all relevant evidence and testimony presented, determined that the District requires a regular levy in the amount of $83,649,793, and amounts resulting from the addition of new construction and improvements to property and any increase in the value of state-assessed property, and amounts authorized by law as a result of any annexations that have occurred and refunds made, in order to discharge the expected expenses and obligations of the district and in its best interest;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE KING COUNTY FLOOD CONTROL ZONE DISTRICT:
SECTION 1. The District's actual levy amount from the previous year was $58,495,615. An increase in the regular property tax levy is hereby authorized for the levy to be collected in the 2025 tax year. The dollar amount of the increase over the actual levy amount from the previous year shall be $25,154,178, which is a percentage increase of approximately forty-three percent (43%) from the previous year. This increase is exclusive of additional revenue resulting from new construction, improvements to property, newly constructed wind turbine, solar, biomass and geothermal facilities, any increase in the value of state-assessed property, any annexations that have occurred, and refunds made.
SECTION 2. As authorized by RCW 84.55.092, the District continues to reserve its "banked capacity" for future regular tax levies of the District.
SECTION 3. Pursuant to RCW 84.52.815, the District shall protect the property tax levy of Section 1 of this Resolution from prorationing under RCW 84.52.010 by imposing up to $0.25 per $1,000 of assessed value of such tax levy outside of the $5.90 per $1,000 of assessed value limitation under RCW 84.52.043, if the taxes raised by such tax levy would otherwise be prorated under RCW 84.52.010.