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HomeMy WebLinkAbout08791ORDINANCE NO. 8791 AN ORDINANCE LEVYING AND CERTIFYING THE CITY OF PUEBLO’S PROPERTY TAX MILL LEVY MADE IN 2014 FOR THE 2015 BUDGET YEAR WHEREAS, the City of Pueblo’s budget for fiscal year 2015 has been prepared and approved in accordance with the provisions of Article 7 of the Charter of the City of Pueblo, and WHEREAS, the 2014 net assessed valuation of all taxable property in the City of Pueblo as certified by the Pueblo County Assessor is $1,006,816,873 and WHEREAS, the maximum allowed property tax revenue for fiscal year 2015 pursuant to section 20(7)(c) or Article X of the Colorado Constitution is estimated to be in excess of $15,739,568. 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 2015 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. The officers and the staff of the City are directed and authorized to perform any and all acts consistent with the intent of this Ordinance to effectuate the policies and procedures described herein. SECTION 5. This Ordinance shall become effective upon final passage. INTRODUCED: November 10, 2014 BY: Chris Nicoll PASSED AND APPROVED: November 24, 2014 City Clerk’s Office Item # R-1 Background Paper for Proposed Ordinance COUNCIL MEETING DATE: November 10, 2014 TO: Vice President Ami Nawrocki and Members of City Council CC: Sam Azad, City Manager VIA: Gina Dutcher, City Clerk FROM: Sam Azad, City Manager SUBJECT: AN ORDINANCE LEVYING AND CERTIFYING THE CITY OF PUEBLO’S PROPERTY TAX MILL LEVY MADE IN 2014 FOR THE 2015 BUDGET YEAR SUMMARY: The attached Ordinance sets the mill levy for the property tax to be assessed and collected for use in the 2015 budget. PREVIOUS COUNCIL ACTION: None. BACKGROUND: For the purpose of meeting the general operating expenses of the City of Pueblo during the 2015 Fiscal Year this Ordinance will impose a mill levy upon taxable real property located within the City of Pueblo. FINANCIAL IMPLICATIONS: The levy is set at 15.633 mills, which is the same as 2014. It is estimated to generate $12,741,164 in property tax, which amount is net of agreed upon credits and estimated uncollectible taxes, on an assessed value of $1,006,816,873. BOARD/COMMISSION RECOMMENDATION: Not applicable. STAKEHOLDER PROCESS: Not applicable. ALTERNATIVES: Not applicable. RECOMMENDATION: Approval of this Ordinance. Attachments: Proposed Ordinance.