• A New Tax on Every Berkeley Home and Business

The Berkeley Public Bank Ordinance would require Berkeley homes and businesses to pay an estimated $58.3 million in parcel taxes over six years to capitalize a bank.

• No Required Berkeley Benefit

The proposed bank intends to finance projects throughout the East Bay including Oakland and Richmond. The ordinance provides no minimum guarantee that Berkeley will receive benefits proportional to its financial contribution, and the bank has not yet received regulatory authorization to operate.

• Financing the East Bay While Struggling with Deficits

Berkeley is facing a $30 M deficit, Before imposing a new parcel tax, residents should consider (1) whether Berkeley should finance projects in jurisdictions that are not contributing and (2) whether new tax revenues should instead address the city's own pressing fiscal challenges.