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CITY of RAPID CITY Agenda Item Summary |
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Meeting Date: July 30, 2014 |
Commission, Board or Committee: n/a |
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Staff Contact: Pauline Sumption |
L&F Committee: July 30, 2014 |
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Petitioner: Pauline Sumption |
City Council 1st Reading: August 4, 2014 |
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Location: Council Chambers |
City Council 2nd Reading: |
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Agenda Title: |
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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 |
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Summary: |
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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. |
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Funding Source & Fiscal Impact (if applicable): |
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Recommendation: |
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Action: Approve Notes: |
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Options: |
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Attachments & Links: |
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