Rancho Santa Fe Association 2008-2009 Assessment Rate

The Rancho Santa Fe Association board finalized and approved the assessment rate for 2008-2009 at its Oct. 16 meeting.Approved at 14 cents per $100 of assessed valuation per the San Diego County Assessor’s roll, 11 cents of the 14 cents will be applied to General Services and 3 cents will go towards Open Space.The rate was originally presented by Chief Financial Officer Steve Comstock at the Finance Committee’s June 5 meeting with the RSF Association, during which they approved the 2008-2009 fiscal operating budget. Per the July 1, 2008 edition of the San Diego County Assessor’s roll, the total valuation for all Covenant properties is $4,155 billion. The total assessed valuation represents a 5.22 percent increase over last year’s valuation of $3,949 billion (that increase is slightly lower than the approximate 6.5 percent initially projected). President Lois Jones thanked Comstock for his “astute” managing of the budget. The assessment rate will be mailed to the membership by Nov. 1. Also approved at the meeting were the audited financial statements for 2007-2008, presented by Comstock and Ron Mitchell, a partner with the Association’s auditing form of ATK, LLP.Director Bill Beckman expressed his “tremendous confidence in the accuracy of the audit.” Association members will receive a copy of the financial statements by Nov. 1.