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W."WILLDAN It is anticipated that the annual assessment per dwelling unit may vary significantly each fiscal year until build -out of the District has been achieved. Factors affecting the amount to be levied each fiscal year include: (1) completed facilities accepted by the Conejo Recreation and Park District; (2) recordation of final tract maps; (3) annual adjustments for utilities, labor, materials, and equipment; and (4) available property tax revenues. Recognizing that the annual assessments could significantly change each year as additional parks and open space were accepted, a maximum assessment including an annual inflationary adjustment was established for the District assessments. The initial maximum assessment rate was originally formulated based on the planned build -out within Specific Plan Nos. 8 and 9 and completion of all proposed facilities. Under the provisions of the Assessment Law the initial maximum assessment rate established and approved for this District includes a provision for an annual increase to this maximum rate based on the Consumer Price Index (CPI), but not more than 5 percent a year to reflect cost of living increases to maintain the district improvements. Provided the proposed annual assessment rate for the fiscal year does not exceed the adjusted maximum assessment rate, the Board of Directors may adopt the proposed assessment rate for that fiscal year. Any proposed assessment that exceeds the approved maximum assessment rate would be considered an increased assessment and would require property owner approval pursuant to the provisions of the Constitution before the increase could be imposed. The Conejo Recreation and Park District currently receives five percent (5%) of the Ad Valorem property tax revenues collected within their jurisdiction, and this is the primary revenue source for the agency's General Fund. Historically the agency has dedicated up to fifty percent (50%) of these property tax revenues to park maintenance, but may utilize the funds for any authorized purpose at the Board's discretion. Generally, the Conejo Recreation and Park District will dedicate up to fifty percent of the property tax revenues it receives from Specific Plan Nos. 8 and 9 to offset any expenses or improvements that may be considered general benefit or to reduce the amount to be levied. Although the agency is only obligated to contribute an amount equal to the general benefit costs, the Board of Directors has adopted a policy for this District that basically states "No assessment shall be increased by a decrease in the availability of the District contribution from available tax dollars that would cause any assessment to increase by more than five percent from the prior year, including adjustments for the Consumer Price Index as stated above, without additional notice being mailed to all property owners within the boundaries of the District." This policy only applies to increases that result from the reduction of Ad Valorem contributions and not increases that result from increased maintenance or operational expenses. 2021/2022 Landscape Maintenance District No. 94-1 Page 21 of 23