NOTICE OF ANNUAL REPORT
SHERWOOD URBAN RENEWAL AGENCY
Not Part of Official Annual Report: To Be Used For Official Notice for the FY 2014/15 Sherwood Urban Renewal Annual report
The Sherwood Urban Renewal Agency (URA) has published the FY 2014/15 annual report. It is on file at Sherwood City Hall and with the Sherwood Urban Renewal Agency. The full information is available to all interested persons. In FY 2014/2015, the Sherwood URA received $3,506,475 in tax revenue. $132,340 was spent on urban redevelopment, $4,000,985 on capital projects, and $1,585,241 on debt service. The estimated available new revenues for FY 2015/16 are $3,585,535. The budget includes $105,719 for personal services, $172,400 for materials and services, $475,000 for capital outlay, $1,589,605 for debt service, $180,177 for contingency, and $3,180,814 reserved for future years.
The estimated impact of carrying out the urban renewal plan on the tax collections for the preceding year for all taxing districts is shown in the table below.
*The Sherwood School District and the NW Regional Education Service District are not directly affected by the tax increment financing, but the amounts of their taxes divided for the urban renewal plan are shown in the chart. Under current school funding law, property tax revenues are combined with State School Fund revenues to achieve per-student funding targets. Under this system, property taxes foregone because of the use of Tax Increment Financing are replaced, as determined by a funding formula at the State level.
Publish 02/04, 02/11/2016. TT12110