Agenda Item Title:
APPROVE RESOLUTION NO. 2018-069 A RESOLUTION OF INTENT TO TAKE THE STATUTORILY AUTHORIZED INCREASE IN PROPERTY TAX REVENUE AS PART OF THE ANNUAL APPROPRIATION ORDINANCE FOR THE 2019 FISCAL YEAR
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
09/12/2018
City Council Hearing Date:
09/17/2018
Staff Contact:
Pauline Sumption, Finance Officer
Agenda Item Summary:
State law allows the City to increase property tax revenue (outside of growth) only by the amount of the Consumer Price Index (CPI) or 3%, whichever is less. The City is allowed by state law to take a 1.7% increase in property taxes for 2019, which equals approximately $285,379 in additional property tax revenue. The Council, by resolution, has required a separate action to take the CPI increase. As such, the attached Resolution 2018-069 is the first step of the process to include the CPI in the annual appropriations ordinance.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
| Increased revenue to the General Fund | |
Funding Source & Fiscal Impact Notes:
Increased revenue to the General Fund
Recommendations:
Origination Recommendation Action:
Approve