HomeMy WebLinkAbout1991 Ordinance No. 068ORDII WICr. 1:0 . 6 f srnn:s or 199_1_
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/Il l ORDHWICr. nxr::c TIIE 'l'I\X LEVY IN mr..r,s lJPQ:l Ei\Cl l T.J..AR OF 1l!E ASSESSE!l
VIIIJJATIO:~ o r ALL TAX.>.IJLE PROPERTY 111111m '!'HE CITY or r:iGL□ , COLORl\00 ,
.!\J\lJ rsri\131,ISHI~'G A f'.IJ.L l.E-JY FOR 111C l'NGL fl .aJD , OLORADO , OCI~ ,11
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\·,'Hr:RE."'5 , it i s the dut y of the Ci ty Co uncil of the City cf Eng l ewood ,
r.o l orac1o , unc'P..r " Cng l e1,=<l f!ane Ru l e Charter and Colo r a do Revised
Statu tes , t o na);e tl1c en nual levy for City p urposes ; and
I/HERE/IS, t he City Cotmcil has duly considered the estimated valuation
of nll the taxabl e r r cy,e rty within the City e.n d the needs of the city and
of each o f s a id levies and ho s det c rr.u.nerl tha t the levie s as hereinafter
set forth , are proper and \lise ;
J;CW, Tl !EREFGU:, IJE IT ORD!\INID BY Tl-IE CITY a:xJ!\'CIL OF 'lliE CITY OF
Tll(;J'.Jl';QQ[l, COLOU\DO, AS FOLIJ.)-/S:
",ect ion 1. "iful t there be and he r ehy is lev ied for the year 1991 , due
and nayable as required hy s tatutes in the year 199 2 , a tax of 5 . 880 mills
on the dollar fe r the General F\111d of the City o f Eng l ewood , Co l o rado, and
~ .405 mi lls 011 the dollar for t.'le camrunity Center Deht Service Fund of the
City o f E"\g le,,cro , Co l o r ac1o .
'!'h il t t.'1e levy h.?reinabove set forth shall be levied upon each dollar
of. thP. 11Sses sed valuat ion o f all taxable property within t he corporate
lL.-,J.t s of t.'1e Ci ty o f Engle.'OOd, Colo rado , and the said l e vy shall be
r.E'.rtif · P.Cl as requi red by l aw .
Sectio'1 2 . '!'hat under the a u thority of t.'1e Co l o r ado Rev ised St atutes
and the F.nqlewocd l:a-e Rule Chru:tcr , there is hereby lev ied for t he year
J.99 1 , <:ue and !)ayable a.s rC<JUired b• la•,-, in 1992 , a tax of 4 .397 nills on
t.1;c c1('.! l <"lr for t.~c a~e .. w.d ~nefi t ~': t ~.c !":r.n e-.~ _,d , Co l o r?.do , Oc:i•.11to,.~1
:>:ovelq . nt l\ut!:c-r::.ty .
111<' l<'V-/ hPcein, ·e set forth shall IJe levied ~n each dollar o f
n~~e~!:cd valuatl o n c: nll tc".xable property \•rithin the Engle-.-.'l:X>d , Co l orado ,
namtrnm neveloc:-ent Di ~t rict , Md tJ·.P. said levy sholl be certified as
nx:n ir0.n ~)Y l r.· .. .-.
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P1 1bl ishccl us a Oill o r an Ordinancc-on the 7th d:ly of i!ovrn,be r , 199 1 .
R,',id by ti l e and ;xisned on fina l re .idin~ en the 18th d,.1 y o f !Jovernl r , 1991.
Published by itlc AS Ordinance ;s;o . 6/, Seri es of 1991 , on the 21s t cl,y of tlove,,-ber , 199 . -
~ ;+,c#.C~ Patrica H. Cra.-,, City Clerk
I , Patricia II . Cra.-,, City Clerk of the City of Engle-ood, Colorado ,
hereby certify that the above and foregoing is a true copy of the Ordinance
passed on final reading and p.iblished by title as Ordinance No . 6/, Series of 1991.
Date
Novem b er 4, 199 1
INITIATED BY
COUNCIL COMMUNICATION
Agenda Item
II b
City Manager
Subject I 99 1 Property
Tax Mill Levy
for 1992
STAFF SOURCE Lorraine Hayes, Director of Financial Sen~ces
ISSUE/ACTION PROPOSED
Submitted with this packet ts a proposed ord1nance estab!Jshlng U1e mill levy for
property taxes which will b e collected in 1992. Based on the assessed valuatlon:3
certlfled by Arapahoe Count-/ and the projected property tax r evenues Included tn the
1992 budget, the action proposed Is to adopt an ord1nance fudng the 1991 property
tax mill levy for ccllectlon In 1992 of:
I . 5 .880 mills fo r General Fund operations
2. 2 .405 mills for the Conununlty Center Debt Sen~ce Fund
3 . 4.397 mills for the Englewood Downtow.n Development Authority, as
reco mmended and approved by the Autl1ortty
STAFF ANALYSIS
The taxable assessed valuation for U1 e Ci ty of Englewo od as certifi ed by the Arapa h oe
Coun ty Assessor on O ctober 10 . 1991 ts:
I 991 Total En glewood Valuation
Less Tax Increment Valu c 'lon (EURA)
et Valu a tion fo r M. Levy
$237,43 1.260
10 ,850,670
$226 ,580 .590
These assessed values are I 0 .5% ($26.589.650) lower U1a n the 1990 dSsessmeP•.s .
Although U1e City anticip ate d a lowering of the property assessme:,ts by U1 e County
As essor , U1e se a ssessed valuations are 7.8% lower thau ..!:~~~ ·,,htch we antic ip a ted
In fonnulattng U1e 1992 Ludget. Consequently. the proposed General Fund rn!ll Ie,,,
ls set a t the level whic h ,~ll m nt n tatn U1 e 1992 projecte d r evenu es. Tin s ,~II still
mean a sligh t r edu cti on In City property tax for the average En glcwo ocl h omeowner.
Per Colorado RevJsed Statutes, the mill levy for the Debt ServJce Fund can and
should be s et at a level necessary to generate the revenue required for the 1992
payment of the Recreation Center general obligation bonds . The mill levy for 1991
was 2.212 mills. The 1992 princ ipal and Interest I.Janel p ayment Is S544.8 10 .
Therefore. the mlll levy should b e 2 .405 to generate property tax of S544,925 .
FINANCIAL IMPACT
The combtned 1992 City mill levy will r esult ln projected r eve nues of $1,332,293 for
the Gen eral Fund. While Uus represents 6.5% of General Fund revenues, lt ts a
2.9% reduction ln property tax r eve nues when compared to 199 1.