HomeMy WebLinkAbout1992 Ordinance No. 050O ROI NtlN ENO. 5!)
S ERI ES or 1992
BY A :l'l-lORJTY
COUNC IL BILL NO. 42.1
INTRODU CE D BY COUNCI L
ME~IB ER HATHAWAY
i\N OR DI N ANCE F'IXI NG THE TAX LE VY IN MILLS UPON EA CH DOLLAR OP T HE
ASSES 'ED VAL UA'rIO m· ALL TAXABLE PROPERTY WITHI N THE C IT Y OF
ENGLEWOO D, CO LORADO . AND ESTAB LISHING A MILL LEVY FOR THE
ENGLE WOO D, OLORADO , DOWNTOWN DEVELOPMENT AUTHOR ITY.
WH EREAS, IL is t h e duty of the City Counci l of t h e City of En glewood, Colorado, under th e
Englewood Home Rui c Charter and Colorado Revised Statutes, to mok e the annual levy fo r
C ity purpose s : nnd
WHEREAS, th e Ci ty Council hos duly consid er ed the esti mated valuat ion of oil the ta.,able
prope rty within th e City and the need, cf the City and of eoch of so id levi es an d hos
determined thnt th lev ie s ns hP..rernnfter se t forth, ore prop er nnd wi se;
NO W, T HEREFORE, B1'1 IT ORD AINE D BY THE CITY COU NC IL OF THE CITY OF
FNGLEWOOD, COLOMDO, AS FOLLOWS :
5.w..iJm...l . Th a t there be and h ereby is levied for the year of 1992, duo a nd poyoble a s
r equired by statutes in the yeor 1993 , a ta., ofS.880 mills on the dollar for the Gene ral Fund
of th e City of Engl ewoo d , Colorodo, and 2.470 milts on the dollar for th e Community Cent er
Debt Service Fund of the City of Englewood , Co lorado.
Thot the levy herci nabove set for th sh oil be levi ed upon coch do ll nr of t he assessed
valuat ion of all ta.,a ble property within the corporate limits of th e City of En glew ood,
Colorodo, and the said levy shall be certified by law .
~. Th at under th e authori ty of the Co lor ado Revi sed Sta tutes and th e Englewood
Home Ru le Charter, there is hereby levie d fo r t h e year 1992 , d ue and payable as r eq uired by
law in 1993, a ta., of 4.397 mills on the dullar fo r the u se and benefit of th e Englewood ,
ol orndo, Do wntown Deve lopm ent Auth ority .
Th• le vy herein a bove set forth sha ll be le vie d u pon eoch do ll ar of a ssessed vol uo tion of oil
taxable property wi :..hin the Eng le woo d, Colo rnd o. Downtown Development Distric t, and th e
snid levy s~nll bP certified as req uir ed by law .
Introdu ced , rend in full , a nd passed on fir st readi ng on th e 16t h day of Nov emb r , 1992 .
P ublish ed a s o Bill for an Ordinan ce on th e 19th day of Nov e mb er , 19 92 .
r ,ad by ti tl e and passed on final reading on the 7t h day of December, 1992 .
. I -
10 a
Publi shed by title as Ordinance No 52_, Seri es or 1992, on the 10th day or Dec ember,
1992 .
ATTES T:
~;'(le .,& (J,H_q-/
alricinH. Crow, City Clerk
I, Patricia H. Crow, City Cle rk or the City of Englewood, Colorado, hereby certify that the
above and foregoing is a l,!:!ll' copy of th e Ordinance pa ssed on final reading and published
by title a s Ordinance No .~ Series of 1992.
-2 -
•
•
Date
COUNCIL COMMUNICATION
Subject 1992 Property Tax
Mill Levy for 1993
Nove mber 16, 1992
Agenda Item
11 b
INITIATED BY Ci ty Manager and City Co uncil
STAFF SOURCE Lorraine Hayes, Director of Financial Services
ISS UF./ACTION PROPOSED
Attached is Co uncil Bill 42. I, w hich would replace Council Bill 42 establishing the mill levy
for p r operty taxes to be coll ected in 1993. The revision is necessary because the ordinance
contained in Cou ncil Bill 42 included an increase in the mill levy established for the EDD A.
Pursuant to the passage of Amendment 1 on November 3rd, tax levies cannot be raised
without approval by the voters . Therefore, staff requests that Council Bill 42 be tabled or,
second reading, ann tl,at C ,uncil Bill 42.1 be adopted on first reading.
PR EVI OUS COTJNC iL ACTION
Council Bill 42 was ap,J roved as amended on fi rst reading at the November 2, 1992 City
Council meeting.
STAFF ANALYSIS
Based on the assefsed valuations ce rtified by Arapahoe Co unty and th e projected property
tax revenues included in the 1993 budget, Co uncil Bill 42.1 w ill fix th e 1992 property tax
mill levy fo r colle ctio n in 1993 at:
l. 5.880 mills for General Fund opera tions
2.4~ mill : fo r the Communi ty C~nter Debt Service Fund
8.350 total mills fo r the Cit y of Englewood
2. 4.397 m il ts for the En glewood Downtown Devel opment Authority, as
;·ecommended and approved by the Authority.
The tax able assessed valuation fo r the City of Englewood as certified by th e Arapahoe
Co unty As sess o r on Octobe r 10, 1992 is:
1992 Tota] Ass essed Valuation
Minus Tax Increment Valuation (EURA)
Ne t Valuation for Mlll Levy
$241,399,750
11.387,360
$230,012,390
To tal assessed values are $3,748,920 (1.SR %) hi gher than the 1991 values . Some of the
increase is due to newly included or n ewly constructed property ($968,457). The Gen eral
Fund mill lev y of 5.880 is the same as last yea r's. It is sufficient to rai se the revenues
fore ca st in the 1993 budget. The Debt Serv:ce Fund's mill lev y is s uffici e nt to raise the
re v enues neede d lo make the 1993 principal and interest paym e nts on the Recreation
Cen ter's bonds.
FINANCIAL IMPACT
The General Fund mill levy will raise ~ 1,333,000 in revenues. This represents 6.3 % of
General Fund revenues. The Debt Service Fund mill levy will raise $560,000 in revenues .
An Englewood homeowner with a home valued at $70,000 would pay $87.68 in property
taxes to the City of Englewood calculat~d as follows:
Property Market Value
Assessed. Value (@ 15%)
Mill Levy of $8.350 per $1,000 of Assessed Value
Total Tax (10,500 X .008350)
$70,000
10,500
X.008350
$87.68
•
OR DI NANCE NO ._
SERIES OF 1992 ~
1>-'ll''
'y \"()·
0 ~y AUT HOJU1'Y
A BILL FOR
COUNC J,. d l LLNO. 42
IN. TRODU~ BY COUNC IL
MEMBER d':(,/r,u ,ua "d
AN ORDINAN CE FIXING THE TAX LEVY IN MILLS UPON EA CH DOLLAR OF T HE
ASSESSED VALUAT IO N OF ALL TAXAB LE PROPERTY WITHIN THE C ITY OF
ENGLEWOOD, C•.)LORADO , AND ESTABLIS HING A MILL LEVY FOR T HE
ENGLEWOOD, CO LORADO , DOWNTOWN DEVELOPMENT AUT HORITY .
WHEREAS, ll is t.h e duty of th e City Council of the City of Englewood, Co lorado, under the
Englewood Hom e Rul e Charter nnd Colorado Rev ised Statutes, to make th e annua l levy fo r
Ci ty purposes: ond
WHEREAS , t.h e Ci ly Cou ncil has duly consi dered th e estim ated va lu ation of all the taxable
property within th e Ci ty and the needs of t he City and ofeoch ofsnid lev ies and has
determin ed th at the levies as he rei nafter set fo rth , o re prope r a nd wise;
NOW, THEREFORE, BE IT ORDAINED BY THE C IT Y COUNC IL OF THE CITY OF
ENGLEWOOD , COLORADO , AS FOLLOWS:
~ That there be and h ereby is levied fort.h e year of 1992, due and payable as
requ ired by statutes in th e year 1993 , a tax of5.880 mill s on the doll ar for th e General Fund of
the City of Englewood , Co lorado , an d 2 .47ll mill s on th e doll ar for th e Community Cen ter Debt
Service Fund of the City of Englewood , Colorado .
That the le,'.Y h erein obove set fo rth shall be levied up on each dollar of the assessed
valuation of a ll taxable pro perty within t.h e corporate limits of the City of En glewood ,
Co lora do, a nd t.h e said levy sh all be certifi ed by law.
~-That under the authority of the Co lorado Revi sed Statutes and th e Engiewood
Home Ru le Charter, there is hereby levied fo r the yea r 1992, due and payable as r equired by
law in 1993 , o tax of 5.517 mills on t.he dollar for th e use an d ben efit of the Englewood,
Co lorad o, Do wntown Deve lopmen t Authority .
The levy her ei nabove set forth sha ll be levi ed upon each doll ar of a ssessed va lu ation of all
t.nxn ble pr operty within th e En glewoo d, Co lorad o, Downtown Deve lopment Di stri ct, and th e
sn i levy sha ll 'oe certifi ed ns requ ired by la w.
Introdu ce d, reud in rull , amende d and pass ed on fir st ren di nl 1 nmend ed 0 11 the 2nd do y
of Novem be r , 1992 .
Publi shed as a Bi ll fo r an Ordinanc e on the 5th day of Kovem ber, 1992.
AT TEST :
Pat ricia II Cr ow, City Cl erk
-1 -
I, Patricia Ii. Crow , City Clerk of th e City orEnglewood, Co lorndo, hereby certi fy thot th e
nbov e ond for ccoi ng is n tru e copy of n Bi ll fo r nn Ordi nanc e, int rodu ced , ren d in full,
nm cncl cd nnd passed on fir s'. rendin g ns omcnd cd on th e 2nd du y of No v mbe r, 1992 .
. 2 -
2z .. wt , ,~«-« ~J,€-(4,
Pnlricin H. Crow