Welcome to the Finance Department
Articles of Interest
GANN Limit Calculation
The City Council of the City of Newport Beach will establish the City’s Appropriations Limit for Fiscal Year 2018-2019, pursuant to Article XIIIB of the State Constitution on Tuesday, June 12, 2018, at 7:00 p.m. or soon thereafter in the Council Chambers at 100 Civic Center Drive, Newport Beach.
Click on the title of the document for access to the calculation of the Fiscal Year 2018-2019 Appropriations Limit. For questions regarding this item please contact Dan Matusiewicz, Finance Director, at 949-644-3123 or firstname.lastname@example.org.
Annual Reporting on Development Impact Fees and Development Agreements
The City Council of the City of Newport Beach will hold a public meeting to review the ANNUAL REPORTING ON DEVELOPMENT IMPACT FEES & DEVELOPMENT AGREEMENTS pursuant to the Mitigation Fee Act (Government Code Section 66000, et seq.). The meeting will take place on Tuesday, November 14, 2017, at 7:00 p.m. Please click on the document names to access the Development Impact Fee Report and the Development Agreements Report documents.
Fitch Rating Agency Surveillance Report
Fitch Rating Agency has completed a surveillance review of the City’s Issuer Default Rating (IDR) and rating as it relates to the 2010 COPs. The outlook remains unchanged. The report provides insight as to how an independent rating agency views the City’s overall credit worthiness and ability to withstand external fiscal pressures. Please click on the document name Fitch Rating Agency Surveillance Report to access the report.
Moody's Investors Service Reaffirms City's AAA Rating
Moody’s Investors Service reaffirmed the City’s AAA rating on Friday March 3, 2017. This report concludes their most recent periodic credit surveillance of the City. The report is now public and has since been made available to capital market participants. The Moody’s report follows their most recent report, upgrading the City’s COP/Lease Revenue Obligation from Aa1 to Aa2 October 11, 2016 and their initial Issuer Credit Rating (ICR) of Aaa for the City October 21, 2010. Please click on the document name Moody's Investors Service Reaffirms City's AAA Rating to access the report.
Proposition 13 Inflation Factor for 2016-2017
The State Board of Equalization is directing county assessors to use 1.525 percent as the Proposition 13 inflation adjustment factor for Fiscal Year 2016-2017. This is less than the 2 percent that is usually used to index assessed values under the acquisition values assessment. Proposition 13 provides for assessed value each year to be the lower of:
The State Board of Equalization determined that the California CPI increased by 1.525 percent from October 2014 to October 2015. This is the tenth year since the passage of Proposition 13 that the inflation adjustment factor has been less than the full 2.00 percent authorized in the law.
The Proposition 13 inflation adjustment factor is applied to all parcels that have not been reduced under Proposition 8 due to the economic downturn. The significance of the reduced inflation factor is that it will reduce the property tax revenues from growth in value for parcels that have not otherwise been reassessed between Fiscal Year 2015-2016 and Fiscal Year 2016-2017.
Property Tax Update
Property tax is the top source of revenue for the City of Newport Beach. It represents almost half, 45.8 percent, of all General Fund revenues. Fiscal Year 2016 property taxes as a whole are budgeted to come in at $87.8 million, which is 4.3 percent, or $3.7 million, higher than Fiscal Year 2015 receipts. As the economy continues to improve it is expected that prior year penalties and interest receipts will continue their downward trend. Please click on the document name Property Tax Update to access the information.