HomeMy WebLinkAbout07410ORDINANCE NO. 7410
AN ORDINANCE LEVYING AND CERTIFYING THE CITY OF PUEBLO'S PROPERTY TAX MILL
LEVY MADE IN 2005 FOR THE 2006 BUDGET YEAR AND APPROVING AND CERTIFYING A
TEMPORARY PROPERTY TAX CREDIT TO BE APPLIED THERETO
WHEREAS, the City of Pueblo's budget for fiscal year 2006 has been prepared and
approved in accordance with the provisions of Article 7 of the Charter of the City of Pueblo, and
WHEREAS, the 2005 net assessed valuation of all taxable property in the City of Pueblo as
certified by the Pueblo County Assessor is $578,270,837 and
WHEREAS, the maximum allowed property tax revenue for fiscal year 2006, pursuant to
section 20(7)(c) or Article X of the Colorado Constitution is estimated to be $9,040,108 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
2006 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.
In order to effect a refund of 2004 excess revenue in the amount of $111,139 there is
hereby approved and certified a temporary property tax credit expressed in mill levy equivalents of
.192 mills.
SECTION 3.
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
Temporary Property Tax Credit - .192 mills
Net Mill Levy
15.441 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.
This Ordinance shall become effective upon final passage.
INTRODUCED November 14, 2005
BY Michael Occhiato
Councilperson
APPROVED:
PIRESMENT 9F CITY CPWCIL
ATTESTED BY:
CITY CLERK
PASSED AND APPROVED November 28, 2005
7810
Background Paper for Proposed
ORDINANCE
AGENDA ITEM # -* 3S
DATE: NOVEMBER 14, 2005
DEPARTMENT: OFFICE OF THE CITY MANAGER
DAVID J. GALLI, CITY MANAGER
DOUGLAS M. FITZGERALD, ASSISTANT CITY MANAGER
TITLE
AN ORDINANCE LEVYING AND CERTIFYING THE CITY OF PUEBLO'S
PROPERTY TAX MILL LEVY MADE IN 2005 FOR THE 2006 BUDGET YEAR AND
APPROVING AND CERTIFYING A TEMPORARY PROPERTY TAX CREDIT TO BE
APPLIED THERETO
ISSUE
This ordinance sets the mill levy for the property tax to be assessed and collected for use in
the 2006 budget.
RECOMMENDATION
Approval of the ordinance.
FINANCIAL IMPACT
The levy is set at 15.633 mills, which is the same as 2005. It is estimated to collect
$9,040,108 of property tax on an assessed value of $578,270,837. In addition, a temporary
property tax credit of .192 mills will be given to effect a refund to taxpayers pursuant to the
Taxpayer's Bill of Rights in the amount of $111,139.