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HomeMy WebLinkAbout08664 Background Paper for Proposed ORDINANCE DATE: AGENDA ITEM # R-5 NOVEMBER 11, 2013 DEPARTMENT: OFFICE OF THE CITY MANAGER SAM AZAD, CITY MANAGER JENNY EICKELMAN, INTERIM DEPUTY CITY MANAGER TITLE AN ORDINANCE LEVYING AND CERTIFYING THE BANDERA BOULEVARD SPECIAL IMPROVEMENT MAINTENANCE DISTRICT PROPERTY TAX MILL LEVY MADE IN 2013 FOR THE 2014 BUDGET YEAR ISSUE This Ordinance sets the mill levy for the property tax within the Bandera Boulevard Special Improvement Maintenance District to be assessed and collected for use in the 2014 budget. RECOMMENDATION Approval of the Ordinance. FINANCIAL IMPACT By approval of the voters within the District, the levy is fixed at 5.000 mills. However, the advisory committee of the District has recommended that a temporary credit of 2.000 mills be given to reduce the amount of revenue being collected. There is currently a surplus fund balance in excess of anticipated needs plus contingencies. The net mill levy of 3.000 mills is estimated to generate $19,073 in property taxes on an assessed valuation of $6,357,555. ORDINANCE NO. 8664 AN ORDINANCE LEVYING AND CERTIFYING THE BANDERA BOULEVARD SPECIAL IMPROVEMENT MAINTENANCE DISTRICT PROPERTY TAX MILL LEVY MADE IN 2013 FOR THE 2014 BUDGET YEAR WHEREAS, the Bandera Boulevard Special Improvement Maintenance District’s budget for fiscal year 2014 has been prepared and approved, and WHEREAS, the 2013 net assessed valuation of all taxable property in the Bandera Boulevard Special Improvement Maintenance District as certified by the Pueblo County Assessor is $6,357,555, and WHEREAS, the net mill levy of 3.000 mills is expected to generate the amount of $19,073 in property tax revenue. The maximum allowed property tax revenue for fiscal year 2013 pursuant to section 20(7) of Article X of the Colorado Constitution is estimated to be $31,788; NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. The City Council as the governing body of the Bandera Boulevard Special Improvement Maintenance District, for the purpose of meeting maintenance expenses of the District, does hereby make, set and levy a tax of 5.000 mills upon each dollar of the total assessed valuation of all taxable real property located within the Bandera Boulevard Special Improvement Maintenance District on the assessment date to meet the cost of maintenance and reserve requirements for fiscal year 2014. SECTION 2. A temporary tax credit expressed in mill levy equivalents of 2.000 is hereby approved and certified. SECTION 3. The City Council of the City of Pueblo does hereby fix and 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 real property located within the Bandera Boulevard Special Improvement Maintenance District on the assessment date: Gross Mill Levy 5.000 mills Temporary Property Tax Credit -2.000 mills Net Mill Levy 3.000 mills SECTION 4. 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 5. All increase to the District’s net fund balance shall constitute and be considered “reserve increases” and therefore a part of the district’s 2013 fiscal year spending. All 2013 year-end balances shall constitute and be considered “reserves” and all subsequent expenditures and transfers from such reserves shall be excluded from the District’s fiscal year spending within the meaning of Article X, Section 20 (2)(e) of the Colorado Constitution. SECTION 6. This Ordinance shall become effective upon final passage. INTRODUCED: November 11, 2013 BY: Ami Nawrocki PASSED AND APPROVED: November 25, 2013