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Table 7-8. Total General Fund and Youth and School Services <br />costs for Parks, Recreation and Cultural Services operating and <br />maintenance <br />Source: City of Eugene Annual Budget — Fiscal Year 2004. <br />For a property with an assessed value of $115,000 (the approximate average assessed <br />value within River Road /Santa Clara), an estimated $125 per year of property taxes <br />would pay for parks, recreation and cultural services O &M costs. <br />CAPITAL <br />Capital projects include the acquisition or construction of a fixed asset that has a life <br />expectancy greater than one year and monetary value greater than $5,000, such as <br />constructing a new building. Capital projects are included in a separate Capital <br />Budget. <br />The City has issued capital debt for the acquisition and development of parks and <br />open space. In 1999, the City of Eugene issued $19 million in General Obligation <br />Bonds for parks and open space acquisition and development with a current <br />remaining principal of $17 million. For Fiscal Year 2003 -2004 the City of Eugene <br />will pay $1.6 million in debt service for capital debt for parks and open space. The <br />property tax rate for debt service is $0.42.- We have calculated that debt service for <br />parks and open space capital debt accounts for approximately $0.17 of the $0.42 <br />bond rate for Fiscal Year 2003 -2004. <br />The City of Eugene issued an additional $6.3 million in General Obligation Bonds <br />for parks and open space acquisition and development in Fiscal Year 2003 -2004. For <br />Fiscal Year 2004 -2005, debt service for parks and open space bonds will increase to a <br />total of an estimated $2.3 million. We have calculated that debt service for parks and <br />open space capital debt will account for approximately $0.24 of the bond rate in <br />Fiscal Year 2004 -2005. <br />TOTAL COSTS <br />In total, City of Eugene property owners are paying property taxes of approximately <br />$1.26 ($1.03 under the permanent rate plus $0:06 under the Local Option Levy plus <br />$0.17 under the bond rate) per $1,000 in assessed value for Parks, Recreation and <br />lo 'Me actual debt service rite levied by the City of Eugene in FY03 -04 is 50.4205. <br />RR/SC Fiscal Analysis: Parks ECONorthwest October 2004 Page 7 -13 <br />Calculated <br />FY2003 -2004 <br />Portion <br />Covered by <br />Expenditures ($) <br />Property <br />Taxes <br />Calculated Parks, Recreation and Cultural <br />Services O &M Costs <br />11,071,431 <br />$1.03 <br />Youth and School Services Local Option Levy <br />434,609 <br />$0.06 <br />Total O &M Costs <br />11,506,040 <br />$1.09 <br />Source: City of Eugene Annual Budget — Fiscal Year 2004. <br />For a property with an assessed value of $115,000 (the approximate average assessed <br />value within River Road /Santa Clara), an estimated $125 per year of property taxes <br />would pay for parks, recreation and cultural services O &M costs. <br />CAPITAL <br />Capital projects include the acquisition or construction of a fixed asset that has a life <br />expectancy greater than one year and monetary value greater than $5,000, such as <br />constructing a new building. Capital projects are included in a separate Capital <br />Budget. <br />The City has issued capital debt for the acquisition and development of parks and <br />open space. In 1999, the City of Eugene issued $19 million in General Obligation <br />Bonds for parks and open space acquisition and development with a current <br />remaining principal of $17 million. For Fiscal Year 2003 -2004 the City of Eugene <br />will pay $1.6 million in debt service for capital debt for parks and open space. The <br />property tax rate for debt service is $0.42.- We have calculated that debt service for <br />parks and open space capital debt accounts for approximately $0.17 of the $0.42 <br />bond rate for Fiscal Year 2003 -2004. <br />The City of Eugene issued an additional $6.3 million in General Obligation Bonds <br />for parks and open space acquisition and development in Fiscal Year 2003 -2004. For <br />Fiscal Year 2004 -2005, debt service for parks and open space bonds will increase to a <br />total of an estimated $2.3 million. We have calculated that debt service for parks and <br />open space capital debt will account for approximately $0.24 of the bond rate in <br />Fiscal Year 2004 -2005. <br />TOTAL COSTS <br />In total, City of Eugene property owners are paying property taxes of approximately <br />$1.26 ($1.03 under the permanent rate plus $0:06 under the Local Option Levy plus <br />$0.17 under the bond rate) per $1,000 in assessed value for Parks, Recreation and <br />lo 'Me actual debt service rite levied by the City of Eugene in FY03 -04 is 50.4205. <br />RR/SC Fiscal Analysis: Parks ECONorthwest October 2004 Page 7 -13 <br />