Tysons Transportation Service District FY 2018 Tax Rate Discussion: March 29, 2017
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Tysons Transportation Service District FY 2018 Tax Rate Discussion: March 29, 2017
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Tysons Transportation Service District FY 2018 Tax Rate Discussion: March 29, 2017
- 2. Tysons 2 Agenda • Follow up – Grid map • Tax rate timeline • Assessed value review • FY 2017 finance model recap • New tax rate options for FY 2018 • Next steps for the service district
- 4. Tysons 4 Spring 2017 Timeline Date Item February 14 County Executive’s FY 2018 proposed budget; service district rate proposed at $0.06 February 28 Board approved advertising a service district tax rate at $0.06, as part of the Tax Rate Resolution1 March 15 First meeting of the Tysons Transportation Service District Advisory Board (TTSDAB) March 29 Second meeting of the TTSDAB; approval of FY 2018 tax rate recommendation. April 4‐6 Public Hearings on FY 2018 Budget and Tax Rates. Advisory board recommendation due no later than April 6. April 25 FY 2018 Budget Mark‐up May 2 Board Adoption of FY 2018 Budget and Service district tax rate is included as part of FY 2018 Budget Adoption 1. After advertisement, the Board can only adopt a rate equal to, or lower than the advertised rate.
- 5. Tysons 5 Assessed Value HistoryBillions Fiscal Year • Although actual AV growth has been greater than projected, continued growth at that magnitude is not guaranteed. Base 3.50% 3.74% 8.27% 4.25% 3.00% 0 2 4 6 8 10 12 14 16 2014 2015 2016 2017 2018 2019 Projected
- 6. Tysons 6 [1] Equalization and growth. [2] Board advertised at $0.06 on February 28, 2017. Rate will be formally set on May 2, 2017. [3] As recommended by the Phase 1 Tax District Advisory Board to reduce from $0.17 to $0.15 for FY 2018 on 3/10/16, and the Phase 1 Tax District Commission on 3/28/17. Still subject to final approval by the Board of Supervisors via Budget Adoption. Changes From 2017 to 2018 2017 2018 Assessed Value $13,895,592,915+ $14,486,525,956++ AV Growth over prior year 8.27%1 4.25%1 Tysons District Tax Rate Per $100 AV $0.05 $0.062 Dulles Rail Phase I Tax Rate Per $100 AV $0.17 $0.153 Combined Tax Rate Per $100 AV $0.22 $0.21 + ‐ AV as of January 1, 2016. ++ ‐ AV as of January 1, 2017.
- 7. Tysons 7 FY 2017 Finance Model Model Results • Payoff period finishes in 2045, included bond financing. • FY2016 & 2017 rate remained flat at $0.05. • Most years at $0.06 tax rate. • Three years at $0.07 (FY32‐34). • The FY2017 Advertised Budget proposed a rate of $0.06. • The advisory board recommended, and the Board approved, holding the FY2017 rate flat at $0.05.
- 9. Tysons 9 FY 2018 Model Runs ‐ Key Statistics FY 2018 Model Runs (Using AV as of Jan 1, 2017, no bonding, ) FY 2017 Finance Model1,2 6c Using FY 2017 Model 5c Using FY 2017 Model 2018 5c_A3 2018 5c_B4 Total Tax Revenue Needed $396M $253.2M $254M $255.2M $253.4M Final Tax Year 2045 2040 2040 2045 2045 1. Includes finance charges 2. FY 2017 Adopted Finance model has a rate of $0.05 in FY 2017, and $0.06 in FY 2018. 3. 5c_A stays flat at 5c in FY 2018, increases to 6c in FY 2019, and tapers off in later years. Ends in 2045. 4. 5c_B stays flat at 5c in FY 2018, never reaches 6c, and tapers off in later years. Ends in 2045.
- 12. Tysons 12 Residential Homeowner Annual Bill ‐ Change from 2017 to 2018 2017 Assessed Value 2017 Tax Bill@ 5c 2018 Assessed Value1 2018 Tax Bill@ 5c Delta $300,000 $150 $295,500 $148 ($2) $400,000 $200 $394,000 $197 ($3) $500,000 $250 $492,500 $246 ($4) $600,000 $300 $591,000 $296 ($5) $700,000 $350 $689,500 $345 ($5) $800,000 $400 $788,000 $394 ($6) $900,000 $450 $886,500 $443 ($7) $1,000,000 $500 $985,000 $493 ($8) 1. Residential AV equalization growth down 1.5% from 2017 to 2018.
- 13. Tysons 13 Rate Analysis/Staff Recommendation – 5c_B PROs • 5c_B holds rate flat at $0.05, never reaches $0.06. • Service district still meets financial obligation • Extends the life of the service district. CONs • At a $0.05 rate it will take a little longer to generate the same amount of revenue for projects. • No material impact to project implementation. • Both models eliminate the need for bonding based on growth in AV that has been greater than 3% each year to date. • The models and rate will continue to be reviewed annually and adjusted for changes in AV and project scheduling. • Staff recommends using the 5c_B finance model, and holding the rate flat at $0.05 in FY 2018.
- 14. Tysons 14 Next Steps • Address any requests for follow‐up information. • Continued discussion of FY 2018 service district rate, and recommendation. • Letter of recommendation to the Board of Supervisors by April 6, 2017.