MEMORANDUM
TO: Pete Sprague, Assembly President
Members, Kenai Peninsula Borough Assembly
THRU: Dale Bagley, Mayor
FROM: Shane Horan, Director of Assessing
Scott Holt, Finance Director
DATE: October 14, 2004
SUBJECT: Ordinance 2003-19-22 appropriating supplemental funding for FY2005 for the assessing department to obtain assistance and resources in the appraisal, review, audit, and support of certain Section 29.45 property owned by an oil and gas company
It is estimated that the borough will incur $80,000 in costs in excess of the current available budget to hire the professional firm(s) needed to represent the borough's best interest at establishing and reflecting the full and true value of certain property owned by oil and gas companies in the borough for the 2005 tax year.
The attached ordinance would appropriate $80,000 for the assessing department to cover the estimated increase. KPB 5.08.030 restricts the borough to only "make expenditures within the limits of the budget."
Estimated costs are as follows:
Appraisal $40,000
Appraisal Review $10,000
Financial Audit $20,000
Consulting Support $10,000
$80,000
Your support of this ordinance would be appreciated.