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Resolution to Adopt Non-Ad Valorem Special Assessment Rates for West Hernando Street Lighting Municipal Service Benefit Unit
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BRIEF OVERVIEW
Ordinance 2023-06, dated April 25, 2023, combined four (4) previously established Municipal Service Benefit Unit (MSBU) into the West Hernando Street Lighting MSBU in order to decrease costs, and increase efficiencies, to each of the street lighting MSBUs.
The proposed fiscal year 2025 assessment is $55.00 per unit to operate 1,244 streetlights. The MSBU contains approximately 3,380 units. The estimated annual assessment revenue to be collected is $176,600.00 based on 95% collection rate. A maximum assessment is recommended at $70.00 per unit.
In accordance with Section 197.3632, Florida Statutes, a non-ad valorem assessment roll shall be adopted at a public hearing if the non-ad valorem assessment is levied for the first time. Property owners must be notified of the public hearing and assessment rates by first-class mail and newspaper advertisement at least 20 days prior to the public hearing.
FINANCIAL IMPACT
Funding for the project is available in the following account:
Revenue:
Fund: 7421 - W. Hernando Lighting MSBU, Account: 3252001 - Asmt-Srvc-NonAdValorem
$176,600.00
LEGAL NOTE
The Board has legal authority to establish MSBU’s and set assessment rates pursuant to Chapter 125, Florida Statutes.
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RECOMMENDATION
It is recommended that the Board approve the attached resolution establishing the FY25 non-ad valorem assessment rate for the West Hernando Street Lighting MSBU at $55.00 per unit and to establish a maximum rate at $70.00 per unit.