Drafter

Clerk 10/12/2016

Title

A RESOLUTION relating to the finances of the King County Flood Control Zone District, and making a declaration of substantial need for the purpose of setting the limit factor for the District's 2017 tax levy.

Body

                     WHEREAS, RCW 84.55.010 provides that a taxing jurisdiction may levy taxes in an amount no more than the limit factor multiplied by the highest levy of the most recent three years, plus additional amounts resulting from new construction and improvements to property, newly constructed wind turbine, solar, biomass and geothermal facilities, and any increase in the value of state-assessed property; and

                     WHEREAS, under RCW 84.55.005(2)(c), the limit factor for a taxing district with a population of 10,000 or more shall be the lesser of 101 percent or 100 percent plus inflation; and

                     WHEREAS, RCW 84.55.005(1) defines "inflation" as the percentage change in the implicit price deflator for personal consumption expenditures for the United States as published for the most recent twelve-month period by the Bureau of Economic Analysis of the federal Department of Commerce by September 25 of the year before the taxes are payable; and

                     WHEREAS, inflation for September, 2016 is 0.251 percent and the limit factor is 0.251percent, which means that the King County Flood Control Zone District's ("District")  2016 tax levy will decrease, except for the amounts resulting from new construction and improvements to property, newly constructed wind turbine, solar, biomass and geothermal facilities, and any increase in the value of state-assessed property; and

                     WHEREAS, RCW 84.55.0101 provides for use of a limit factor of 101 percent or less upon a finding of substantial need made by a majority plus one of the legislative authority of the taxing district; and

                     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 40 square miles; and

                     WHEREAS, more than 500 flood protection facilities through the county protect property with an estimated assessed value of more than $7,000,000,000; 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 citizens and public and private property from the ravages of natural disasters such as flooding; and

                     WHEREAS, due to the significant cost of flood protection facilities, as provided for in the District's comprehensive plan, and the long-term adverse impact of using a limit factor of less than 101 percent, the District board of supervisors finds that there is a substantial need to set the limit factor for the District's 2017 tax levy at 101 percent; now, therefore,

                     BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE KING COUNTY FLOOD CONTROL ZONE DISTRICT:

                     SECTION 1.  The limit factor for the tax year 2017 shall be 101 percent.