CITY of RAPID CITY

Agenda Item Summary

 

Meeting Date:  July 30, 2014  

Commission, Board or Committee: n/a

Staff Contact: Pauline Sumption

L&F Committee: July 30, 2014

Petitioner:  Pauline Sumption

City Council 1st Reading: August 4, 2014

Location: Council Chambers

City Council 2nd Reading: Click here to enter date.

Agenda Title:

Resolution No. 2014-073 of Intent to Take the Statutorily Authorized Increase in Property Tax Revenue as Part of the Annual Appropriation Ordinance for 2015

Summary:

Pursuant to state law, the City of Rapid City may only increase the revenue collected from property taxes by the amount of growth and by the amount of the Consumer Price Index (CPI) or 3% whichever is less.  The City is allowed by state law to take a 1.4% increase in property taxes for 2015 which equals approximately $201,741 in additional property tax revenue (approximately $5.00 per $100,000 in valuation annually). The City is NOT choosing to take the statutorily allowed CPI for years 2013 and 2014 in the amounts of $402,006 and $294,518, respectively. Resolution 2012-004 requires a separate action of the council to take a CPI. This resolution essentially acts as an amendment to the budget ordinance. The budget ordinance does not currently include the 2015 CPI, and if this resolution is not approved, the 2015 CPI will not be factored into the 2015 budget.

Funding Source & Fiscal Impact (if applicable):

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Recommendation:

Action: Choose an item. Approve

Notes: Click here to enter text.

Options:

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Attachments & Links:

Resolution 2014-073

 

 

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