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Home My WebLink About09063 ORDINANCE NO. 9063 AN ORDINANCE LEVYING AND CERTIFYING THE BANDERA BOULEVARD SPECIAL IMPROVEMENT MAINTENANCE DISTRICT PROPERTY TAX MILL LEVY MADE IN 2016 FOR THE 2017 BUDGET YEAR WHEREAS, the Bandera Boulevard Special Improvement Maintenance District’s budget for fiscal year 2017 has been prepared and approved, and WHEREAS, the 2016 net assessed valuation of all taxable property in the Bandera Boulevard Special Improvement Maintenance District as certified by the Pueblo County Assessor is $7,642,705, and WHEREAS, the net mill levy of 3.000 mills is expected to generate the amount of $22,928 in property tax revenue. The maximum allowed property tax revenue collections for fiscal year 2017 pursuant to section 20(7) of Article X of the Colorado Constitution is estimated to be $38,214. 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 2017. 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 increases to the District’s net fund balance shall constitute and be considered “reserve increases” and therefore a part of the district’s 2016 fiscal year spending. All 2016 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. 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 7. This Ordinance shall become effective upon final passage. INTRODUCED: November 14, 2016 BY: Ed Brown PASSED AND APPROVED: November 28, 2016 City Clerk’s Office Item # R-4 Background Paper for Proposed Ordinance COUNCIL MEETING DATE: November 14, 2016 TO: President Stephen G. 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 BANDERA BOULEVARD SPECIAL IMPROVEMENT MAINTENANCE DISTRICT PROPERTY TAX MILL LEVY MADE IN 2016 FOR THE 2017 BUDGET YEAR SUMMARY: The attached 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 2017 budget. PREVIOUS COUNCIL ACTION: None. BACKGROUND: The City Council as the governing body of the Bandera Boulevard Special Improvement Maintenance District, for the purpose of meeting maintenance and reserve expenses of the District through this Ordinance sets and levies a net tax of 3.000 mills upon taxable real property located within the Bandera Boulevard Special Improvement Maintenance District. FINANCIAL IMPLICATIONS: 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 $22,928 in property taxes on an assessed valuation of $7,642,705. BOARD/COMMISSION RECOMMENDATION: Approval of this Ordinance. STAKEHOLDER PROCESS: The Bandera Boulevard Special Improvement Maintenance District Advisory Committee met in June of 2016 to discuss the 2017 operations and budget of the District. The Advisory Committee recommended the mill levy remain at 5.000 mills with a temporary credit of 2 mills for a net mill levy of 3.000 mills for 2016 collected in 2017. ALTERNATIVES: Not applicable. RECOMMENDATION: Approval of this Ordinance. Attachments: Proposed Ordinance.