Title
A RESOLUTION ACCEPTING THE AMOUNTS AND RATES AS DETERMINED BY THE BUDGET COMMISSION AND AUTHORIZING THE NECESSARY TAX LEVIES AND CERTIFYING THEM TO THE COUNTY FISCAL OFFICER.
Executive Summary: Each year the City is required to pass a resolution accepting the property tax amounts and rates as determined by the County Budget Commission.
Body
Legislative History
None.
Purpose & Explanation
The City’s property tax rates do not change from one year to the next except for new or expiring levies or for an adjustment to a debt (i.e. bond) levy because of a change in property tax valuation and/or an increase in the available balance in a debt service fund. You will note the last collection year for the Park Acquisition Bond and Village South Recreation Bond was 2018. The last collection year for the Library Construction Bond is 2019.
Attached as Exhibit A is the property tax schedule that includes the rates and estimated amounts, as provided by Summit County. The schedule separates out the Library operating levies for the renewal and increase. As noted on the bottom of the schedule, the increase portion of the levy is no longer subject to the rollback exemptions. This means that property tax payers will not receive the 10.5% reduction on the increase portion of the operating.
Timing Considerations
We must file the approved Resolution with the Summit County Fiscal Officer by November 5, 2018.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends Council pass the Resolution accepting the amounts and rates.
Submitted by,
Jane Howington, City Manager
Jeff Knoblauch, Assistant City Manager - Finance Director