SR 05:318 - Laserfiche WebLink

1. Any proposed changes in the boundaries of the district. (For 2006 there are no proposed boundary changes.) 2. The improvements and activities to be provided for the year. 3. An estimate of the cost of providing the improvements and activities. 4. The method of levying the assessment in sufficient detail to allow each business owner to estimate the amount to be levied against the business for the year. (The method of levying the assessment is unchanged from the prior years. It employs a tiered structure based on proximity to Main Street, with a minimum of$50 and a maximum of$350.) 5. The amount of any surplus or deficit revenues carried over from a previous year. 6. Contributions to be made from sources other than the assessments levied. DISCUSSION Attached are tlte Advisory Board's 2006 report and the proposed budget for the PDA assessments and other revenues for the year. The PDA annual assessment revenue is budgeted at $61,000, slightly less than the revenue generated in 2005. The assessment formula is based on the annual business license payment: businesses located curbside and downstairs on Main Street are assessed at two times (2X) their business license; businesses with a Main Street address located upstairs, or not curbside, are assessed at a rate of one and a half times (1 and I/2X) their business license; all other businesses (those located off Main Street) pay an amount equal to (IX) their business license. The minimum assessment is $50 and the maximum is $350. Non-profit businesses within the downtown are not assessed. Last year the City and the PDA renewed a five-year funding contract, whereby the City contributes funds to match the annual assessment revenue. This $122,000 combined assessment revenue and the City match is projected to account for approximately 26% of the total 2006 revenue. The budget includes a full-time Executive Director, and a full-time Office Manager. The Events Coordinator is a part time position to facilitate the First Wednesday Street Parties and all other events throughout the year. The PDA has a prior year fund balance of approximately $136,000 of which $81,000 is budgeted for one-time capital expenditures, including a kiosk and signage and $55,000 will be held in reserve. Staff believes a reserve fund of $55,000 is prudent given that a significant amount of annual revenue is derived from event revenue that is speculative and may be diminished due to extraneous variables, including weather. Events planned during the year are projected to account for approximately 39% of the total 2006 revenue. The scheduled events include: five (5) 1st Wednesday Street Parties, May through September; fourteen (14) Friday Concerts in the Park, June through early September; SR:05:3l8