HomeMy WebLinkAbout1989 Ordinance No. 033CIIDINAOCE NO. 3 3.
SERIES 'F 1989--
BY AlmOU'N
CXUCn. BILL l«l. 37
nmaxx:EO BY CXUCn.
MEMBERCI.ArltN
9 (f)
AN CJIDINAOCE F:ocnx; THE TAX Wl'f. IN MILLS UPCN EACH lXLLI\R OF 'l'IIE ASSESSED
VALUATICJI OF ALL TAXABLE: PROPERTY WITHIN 'l'IIE CI'N C£ ENiLFXXlD , o:LCIWlO, AND
ESTABLISHIOO A MILL LE\IY EtR 'l'IIE El~, CXJLCIU\00, llOm'a<tl DEVELOPMENI'
AtmQUTY.
WHERFJ\S, it is the duty of the City Council of the City of
Englewood, Colorado, under t.>ie Englewood Ha,e Rule Charter and Colorado
8evised Statues , t.o make the annual levy for City purposes; and
W'dEREIIS, 'l1'le City Council has duly considered the estimated
valuation of all the taxable property within the City and the needs of the
City of each of said levi es and has determined that the levies as hereinafter
set forth, are proper and wise;
NCW, THEREFaIB, BE IT ORDADIED BY THE CITY CXXJOCn. OF 'l'IIE CITY OF
~' <XJLCRl\00 TIIAT:
Section 1. '!bat there be and hereby is levied for the year 1989, due and
payable as required by statutes in the year .L990, a tax of 5.419 mills on the
dollar for the General Fund of the City of Englewood, Colorado, and 2.109
mills on the dollar for the Debt Service Fund of the City of Englewood,
Colorado.
'!bat the levy hereinabove set forth shall be levi ed upon each dollar of the
assessed valuation of all taxable property within the corporate limits of the
City of Englewood, Colorado, and the said levy shall be certifi ed as requiroo
by law .
Section 2. '!bat under the authority of the Colorado Revised Statues and the
Englewood Hare Rule Charter, there is hereby levied for the year 1989, due and
payable as required by law in 1990, a tax of 4. 661 mills on the dollar for the
use a'ld benefit of the Engle-.>-)00, Colorado, Downtown DevelO{'lll"nt Authority.
'!bat the levy hereinabove set forth shall be lev!.ed upon each dollar of the
assessed valuation of all taxable property withir. the Eng:ewood, Colorado,
Downtown Developrent District, and the said levy shall be certi fied as
required by law.
Introduced, read in full, and passed on the 6th day of Nove1tler,
1989.
1989. Publiahed u a Bill for an Ordinance cn the 9th day of Novad:,er,
Read by title and passed on final reading cn the 20th day of
NcMm:,er I 1989 •
Publiahed by title as Ordinanc:e No. if";), Series of 1989, on the 23rd day of Novl!!ntler, 1989.
I, Patricia H. Crow, City Clerk of the City of Dlglewood,
Colorado, hereby certify that the foregoing is a true cq,y of the Ordinance
puMd en final reading and published by title as Ordinance No. ~. Series of 1989.
~uii v<l(Jµ.J •
Patr C a H. Crow -
COlll:I L COIIUIICATIOII
DATE MEIIIA ITDI
11 (al
SIMCT 1989 Property Tax
Mill LIYY for 1990
Novetlbtr 6, 1989
INITIATED IY CI ty Manager
STAFF SOURCE Roger Fraser, CI ty Manager
ISSUE/ACTION PROPOSED
Included In the 10-26-89 City Council packet was lnfon1atlon and a rec-ndatlon
for t~e 1989 p~ 1rty tax ■111 levy for property tax collections In 1990. Based on
thtt recOftllM!n_. ion, the action proposed 1s to adopt an ordinance fixing the 1989
property tax mill levy for collection In 1990 of:
I. 5.419 ■111s for General Fund operations.
2. 2 .109 mil ls for the Debt Service Fund
3. 4.661 mills for the Englewood Downtown Develol)tltnt Authority -as recotlllM!nded
and approved by the Authority .
STAFF ANALYSIS
The tauble assessed valuation for the City of Englewood as certified by the
Arapahoe County Assessor on October 30, 1989 Is:
1989 Total Valuation
Minus Tax Incraents valuation
Net valuation for 11111 levy
263 I 496 I 070
7,663,890
255,832,180
The net valuation for 199J property tax collections Is 14.4" less than 1989 property
tax valu~tion. By maintaining the same ■111 levy for 1990, General Fund est1111ated
property tax 1s i! ,386,354 or S233,201 less than 1989 budget . For 1989, and 1990,
the City could have a net decrease of $323,700 In property tax revenues {S90,519 1n
1989 credits anti abatetNnts and $233,201 less budgeted for 1990). The estimated
1990 property tu will be 7 .3" of the total 1990 budgeted revenues.
The 5.419 ■llh fur 1990 will represent a tax decrease for the ■ajorlty of property
owners {residential, c-rclal, vacant land and agricultural).
Per Colorado Revised Statutes, the ■111 levy for the Debt Service Fund can and
,hould !NI iat It a level necessary to generate the revenue required for the 1990
pay■ent of the Recreation Center general obligation bonds. The ■111 levy for 1989
wu I.IOI ■1111. Th11 1990 prtnctpal and tntt,rut bond pay■ent h $539,548. The -
Debt Se"tc1 ■111 levy should be Z.109 ■tlls to g1111rate property tax of $539,550.
FIIWICIAL
The r•c-nded ■111 levy w111 result tn 1111 1990 property tax r1v1nuts but the
salar:, contt1199nct11 should be adequate to -t anttctpated 1990 salary increases
and the 1990 budget to be adopted ts a balanced budget.