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HomeMy WebLinkAbout08401 ORDINANCE NO. 8401 AN ORDINANCE LEVYING AND CERTIFYING THE CITY OF PUEBLO’S PROPERTY TAX MILL LEVY MADE IN 2011 FOR THE 2012 BUDGET YEAR WHEREAS, the City of Pueblo’s budget for fiscal year 2012 has been prepared and approved in accordance with the provisions of Article 7 of the Charter of the City of Pueblo; and WHEREAS, the 2011 net assessed valuation of all taxable property in the City of Pueblo as certified by the Pueblo County Assessor is $865,647,982; and WHEREAS, the maximum allowed property tax revenue for fiscal year 2012 pursuant to section 20(7)(c) or Article X of the Colorado Constitution is estimated to be $13,532,675 subject to adjustment for uncollected amounts. NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. For the purpose of meeting the general operating expenses of the City of Pueblo during the 2012 Fiscal Year, there is hereby made, set and levied a tax of 15.633 mills upon each dollar of the total assessed valuation of all taxable property located within the City of Pueblo on the assessment date. SECTION 2. The City Council of the City of Pueblo does hereby certify to the County Commissioners of Pueblo County, Colorado the following mill levy imposed by this Ordinance upon each dollar of the total valuation for assessment of all taxable property located within the City of Pueblo on the assessment date: Gross Mill Levy 15.633 mills SECTION 3. The City Clerk is hereby directed to deliver a certified copy of this Ordinance, together with a Certificate of Tax Levies, form DLG 70, properly completed by the Director of Finance, to the County Commissioners of Pueblo County, Colorado, and the Division of Local Government immediately after passage of this Ordinance. SECTION 4. This Ordinance shall become effective upon final passage. INTRODUCED November 14, 2011 BY: Chris Kaufman COUNCILPERSON PASSED AND APPROVED: November 28, 2011 Background Paper for Proposed ORDINANCE DATE: AGENDA ITEM # Q-2 NOVEMBER 14, 2011 DEPARTMENT: OFFICE OF THE CITY MANAGER JERRY M. PACHECO, CITY MANAGER JENNY M. EICKELMAN, INTERIM DEPUTY CITY MANAGER TITLE AN ORDINANCE LEVYING AND CERTIFYING THE CITY OF PUEBLO’S PROPERTY TAX MILL LEVY MADE IN 2011 FOR THE 2012 BUDGET YEAR ISSUE This Ordinance sets the mill levy for the property tax to be assessed and collected for use in the 2012 budget. RECOMMENDATION Approval of the Ordinance. FINANCIAL IMPACT The levy is set at 15.633 mills, which is the same as 2011. It is estimated to generate $13,532,675 (less $200,000 estimated to be uncollectible) in property tax on an assessed value of $865,647,982.