Fitzwater said Wednesday that she probably would keep the rate at 1.5 percent for fiscal years 2020 and 2021, but increase the allocation by either one-half or 1 percentage point total over fiscal years 2022 and 2023.
She added, however, that she would gauge responses from colleagues on the dais next Tuesday.
"It is a significant increase, considering we've never had a predictable stream of revenue for this before," Fitzwater said.
Lengthy developer, rights and responsibilities agreements, or DRRAs, can mean it's unpredictable when these fees are collected, Fitzwater said.
Long noted the affordable housing needs assessment from 2016, which showed a 6,700-unit gap for households making less than
According to a fiscal and policy note attached to the bill,
That note doesn't account for any amendment Fitzwater might propose. White said Wednesday that 5 percent growth each year is a conservative estimate, given the budget office usually uses 6 percent growth trends for the tax.
"It's showing warning signs of a pending recession ... that has a big potential of putting a big dent in the recordation tax revenue, so that will come right out of that revenue stream," McKay said.
White said she understood McKay's concerns about the variability, including the possibility of economic decline.
"That's one thing about a budget, a crystal ball is not available of when a recession would happen," White said.
If Fitzwater and Gardner's bill is amended next Tuesday, another public hearing would be required the following week, per the county charter. The council then would vote on the final bill. The bill must be voted on before it expires
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