HomeMy WebLinkAbout1993 Ordinance No. 049ORDINANCE No.t.J-9
SERIES OF 1993
BY AUTHORITY
COUNCIL BILL NO. 54
INTRODUCED BY COUNCIL
MEMBER HATHAWAY
AN ORDINANCE FIXJNG THE TAX LEVY IN MILLS UPO N EACH DOLLAR OF 1'HE
ASS ESSED VALUATION OF ALL TAXABLE PROPERTY WITHIN THE CITY OF
ENGLEWOOD, COLORADO , AND ESTABLIS HING A MILL LEVY FOR THE
ENGLEWOOD, CO LORADO , DOWNTO WN DEVELOPMENT AUTHORITY.
WHEREAS , It is the du ty of the City Co uncil of the City of En glewood, Colorado, under the
Engl ewood Hom e Ru le Charter end Colo ra do Revi se d Statutes, ta make th e annual levy for
City purposes; a nd
WHEREAS, the City Counci l ho s duly co nsidered the estimated valuation of a "I the trumble
property within the City and the needs of the City and of each of said levies end nas
dete rmined that the levi es as herei nafter set forth, are prop er and wise :
NO W, THEREFORE , BE IT ORDAI N ED BY THE CITY COUNCIL OF TH E CITY OF
ENGLEWOOD , COLORADO , AS FOLLOWS :
~-That there be and he reby is levi ed for th e year of 1993, du e and payable as
required by stat,,tes in the year 1994 , a tax of 5 .880 mill s on the dollar for th e General Fund of
the City of Englewood, Colorodo, and 2.435 mills on th e dollar for the Co mmunity Center Debt
Service Fund of the City of Englewood, Colo rado.
That the levy herein above set forth shall be levie d up on ea ch dollar of the assessed
veluaoon of all taxable property within the corpo rate limits of the City of Englewood,
Co lorado, and the said levy shall be certified by law.
~-That under the authori ty of th e Colorado Revi sed Statutes and the Engl ewood
Home Rule Charter , there is h ereby levied for the year 1993 , du e end payable as required by
)aw in 1994 , a tax of 4.3 97 mill s ,n th e doll a r fo r the use end benefi t of the Englewood,
Colorado, Downtown Development Authority.
The levy herein above set forth shall be levied upon each dollar of assessed 'laluetio n of ell
taxab le property within the Englewood, Colorado, Downtown Developm ,nt Di strict, and the
said le,'Y sh e ll be ce rtified es required by law.
Introduced, reed in full, end passed on first reeding on the 18th day of October, 1993.
Publi shed as a Bill fo r en Ordi nance on the 21st day of October, 1993.
Reed by title and passed on final rending on th e 1st day of Nove mber, 1S~3 .
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10 a
Published by title u O,dinance No. t.Jl. Series of 1993, on the 4th day of November,
1993.
ATTEST :
Q4~~ ~-~
Patricia H. Crow, Ci ty Clerk
I, Patricia H. t.:" .,.,, City Clerk of the Ci ty of Englewood , Colorado, hereby certify that t.h o
above and foregoing is a ~copy of the Ordinance passed on final reading and publ ished
by title as Ordinance No . If Series of 1993. ,
~-~~ -Patricia H. Crow W
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INQUWOOO D0WN10WN DfVII.OPMINT AUIIIOIITY
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MEMORANDUM
To: Frank Gryglewicz, Acting Director of Finance
Froa: Harold Celva, Executive Director EDDA
Date: october 12, 1993
Subject: Englewood Downtown Development Authority
The Englewood Downtown Development Authority will be certifying a
mill levy of 4,397 mills to the Arapahoe county co-issioners for
1993 assessed valuation of $28,175,570.00.
Date
COUNCIL COMMUNICATION
Subject 1993 Property Tax Mill
Levy for 1994
October 18, 1993
Agenda Item
11 b
INmAn:DIJY City Manager and City Council
Sf AFF SOURCE Frank Gryglewicz, Acting Director of Financial Services
JSSUFJ AcnON PROPOSED
Attached is Council Bill o. 54 , establishing the mill levy for property taxes to be collected
in 1994 . Pursuant to the passage of Amendment 1 on November 3, 1992, lax levies cannot
be raised w ithout approval .':,y the voters .
PRrnous COUNCIL AcnON
Each year the Englewood City Council establishes the mill levy in accordance with
requirements of the City Charter and State Law.
STAFF ANALYSIS
Based on the assessed valuations projected by Arapahoe County and tne projected property
tax revmues included in the budget, this Council Bill will fix the property tax mill levy for
collectic,n at:
1. 5.880 mills for General Fund operations
2A35 mills for the community Center Debt Service Fund
8.315 total m i.Us for the City of Englewood
2 . 4.397 mills for the Englewood Downtown Development Authority, as
recommended and approved by the Authority
11le taxable assessed valuation for the City of Englewood as projected by the Arapahoe
County Assessor on August 31 , 1993 is :
1993 Total Assessed Valuation
Minus Tax Increment Valuation (EURA)
Net Va luation for Mill Levy
$236,013,820
10,833,540
$225,180,280
Total assessed values are $5,385,930 less than the 1992 values . The General Fund mill levy
of 5.880 is the same as last year's. It is sufficient to rai se the revenues forecast in the 1994
budget. The Debt Service Fund 's mill levy is sufficient to raise the revenues meded to
make the 1994 principal and interest payments on the Recreation..Center.'.s..honds.
FINANCIAL IMPACT
The General Fund mill levy will raise $1,324,060 in revenues . This represen~ -io of
General Fund revenues. The Debt Service Fund mill le vy will raise $548,275 m revenues.
An Englewood homeowner with a home valued at $70,000 would pay $87 .31 in property
taxes to the City of Englewood calculated as fo ll ows:
Property Market Val ue
Assessed Value (@ 15%)
Mill Lev y of $8 .315 per 51,000 of Assessed Value
Total Tax (10,500 x .008315)
$70,000
10,500
X .0083 15
$87.31