HomeMy Public PortalAbout04) PMP Financing2Investment In Our Future
December 10, 2013
Our Investments Our Streets
•What have we been doing?
•Where are we today?
•What do we need to do in the future?
•How do we get there? Financing Considerations
Historical Expenditures
•The City has invested approximately $1 million annually in
Street Maintenance with State Gas Tax Funds
•Average PCI for all Street is “Good” (i.e., C)
•Average PCI for Residential Streets is only “Fair” (i.e., D)
•Million Dollar Homes Deserve Well Maintained Streets
“Very Good” (i.e., B)
Investment In The City’s Future
•As reported to you in November, the City’s realized increases in:
Total Assessed Valuation;
Median Sales Prices of Residential Units; and
Residential median sales prices had surpassed the height of the real
estate market in 2007.
Temple City in company with four other upper income and prestigious
cities: Arcadia; Bradbury; San Marino and Santa Monica.
Result of the vision and strong leadership of the City Council over last
four years.
Investment In The City’s Future
Maintain strong tax base
Strategic planning for spending of resources to ensure excellence
•Continued quality of life for community = Future investments in the City’s infrastructure.
•Additional resources are needed to ensure the vision we have for Temple City comes to fruition with:
Quality Public Improvements;
Civic Center and Quality Library;
Strong Neighborhoods; and
Parks and Open Space.
Investment In The City’s Future
With the various studies and programs that are complete or in the process of being completed including:
Strategic Plan;
General Plan Update;
Priority Based Budgeting;
Parking Masterplan;
Bike Masterplan;
Parks and Open Space Masterplan;
Pavement Management Plan;
Safe Route To School;
The City now has the window of opportunity to provide the best quality of services to its citizens.
Investment in the City Streets
•Sustainable spending for street improvements avoids expensive deferred maintenance and re -construction.
•City Council to consider the adoption of a strategy to ensure the long-term maintenance of the City streets.
•Staff recommendation to maintain the City street network at an average PCI of 75 (Very Good = B).
•Typical Sources for Street Repair and Reconstruction:
State Gas Tax ;
County Proposition A ;
County Proposition C; and
County Measure R.
Investment in City’s Infrastructure
• Transportation related funding sources are committed
through Fiscal Year (FY) 2017-18 for:
Rosemead Boulevard Safety and Enhancement Projects;
and
Las Tunas Drive Safety and Enhancement Projects.
•General Fund doesn’t have a revenue source to to
maintain the street network at an average of PCI of 75.
Funding Sources Considered for Street Repair
and Reconstruction
Funding Sources for Street Repair for Reconstruction:
Sales Tax – Increase 1% ($1 for Every $100 spent) –
$1.8 million Annually
Property Tax – Each $10 Million Increase in Assessed
Valuation – $6,600 Annually
General Obligations Bonds
General Tax
Special Tax
Assessment Bonds
Recommended Funding Source for Street
Repair and Reconstruction
Benefit Assessment District
•There are no bonds issued, therefore no debt or interest costs.
•Truly a “Pay As You Go” Plan, not mortgaging future generations.
•Annual assessments are levied on the owners of parcels within the Benefit Assessment District.
•Amount levied is determined by the benefit received.
Recommended Funding Source for Street
Repair and Reconstruction
Benefit Assessment District continued:
•One component of the larger financing plan for funding all Public Improvements.
•City should conduct a study to determine the level of funding the property owners (i.e., commercial, residential, and industrial) would be willing to invest to ensure the City maintains quality infrastructure.
•Preliminary Engineer’s Report would need to be completed to determine benefits attributable to each parcel and determine the estimated amount of the proposed assessment.
Number of Parcels and Housing Units in
the City
•Residential: 10,049
•Commercial and Industrial: 404
•Housing Units: Approximately 14,000