Los Banos City Council approved a 2.5% annual increase for the Los Banos Downtown Property and Business Improvement District (LBDPBID) at the council’s August 3 meeting.
Councilmember Deborah Lewis had requested an overview of the Los Banos Downtown Property and Business Improvement District (LBDPBID) financials.
In the city’s finance department review presentation, Interim Finance Director Brent Kuhn reported that the annual report for fiscal year 2021 was not filed with the city because there were different understandings of what the fiscal year encompassed. As a result, there was missing information about financial activity.
“The issue here is that if the 2.5% increase that’s within the engineering report and the Management District Plan is not approved tonight,” Kuhn said, “then the assessments have to go in the assessor’s office, based on the prior assessment without the 2.5% [increase].
“The action plan here is to bring back an annual report that mirrors the activity that will be for this budget year, from 7/1/22 to 6/30/23.”
The council approved the 2.5% annual increase for the LBDPBID unanimously.