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Home My WebLink About1995 Ordinance No. 061• ORDI NANCE NO .le!_ SERIES OF 1995 11. b. 1. BY AUTHOlUTY COUNCIL BILL NO . 65 INTRODUCED BY COUNCIL MEMBER HATHAWAY AN ORDINANCE FIXING THE TA.X LEVY IN MILLS UPON EACH DOLLAR OF THE ASSESSED VALUATION OF ALL TAXABLE PROPERTY WITHI N THE CITY C'•' ENGLEWOOD , COLORADO , AND ESTABLI SHI NG A MILL LEVY FOR THE ENGLEWOOD DOWNTOWN DEVELOPM ENT AUTHORITY . WHEREAS , it is the duty of th e City Council of the Ci ty of Enslewood, Co lorado, under the Engl ewoo d Home Rul e Charter and Co lorado Revise d Stotutes, t o mak e the annual levy for Ci ty pu rposes : and WHEREAS, the Ci ty Coun cil has duly considered the estimated valuation of all the taxa bl e prope rt y ,,·ithin th e Cny anJ ·he needs of the City and of each of said lev1es and has de term in ed thot the le,·ie s as t.c-r!ina ft er se t fo nh , are proper and "ise; and WHEREAS. the follo....,i ng :~\,es are permitted und er Articl e X, Section 20 of th e Co lorado Constitu ti on wi th out a vot e by the ci titen : :-I OW, THEREFORE , BE IT ORDAi. 'ED BY TH E C ITY COUKC IL OF TllE CI TY OF • ENGLEW00D, CO LORADO , AS FOLLOWS: ~-That the re be and hereby is levied fo r the year of 1995 , due and payable as requ ired by stotutes ,n the ye ar 1996. a tax of 5. SO mills on th e dolla r fo r the General Fund of the City of Ensl ewood , Co lorado, and 2.035 mills on th e doll a r fo r the Co mmunity Center Bond Fund Debt e rvi ce Fund of the City of Englewood , Co lorado. • That the levy herei n above se t fo rth shall be levied up on ench dollar of th e assessed va lu ation of all taxab le property withi n th e corporntc limits of th e City of Englewood , Colorado. and th e 01 d levy shall be ce rtifi ed by la w. ~ Th at under th e auth ority of th e Colo rado Revised Statutes and the Englewood HQme Rule Charter . there is he reb~ levied fo r the year 1995, du e and paya bl e as requi red by la\, i 11 1996 u tn>,. of 4.397 mi ll s on lhe dollar for th e u e an d be.iefil of the En glewood Do•.·ntown De\'elopmtnt Auth ont:-, Th e levy h e rein abo ve set fo rth shall be le\'1e d upon eac h dollar of assessed valuation of all taxable pr operty within th e En clewood, Col orado, Downtown Developme nt Di s tnct . and th e said levy shall be certified a requi red by law. Introduced . read in fu ll , and passed on fi rst rea dinG on the 16th da) of Octobe r , 1995 . -1 · Published os o Bill for an Ordinoncr on th e 19th day ofOci.obe r , 1995. Read by title and pr ,ssed on final reading on the 6th day of November, 1995 . Publ ished by title ns Ordinance No .{J_, Seri es of 1995, on the 9th day of November, 1995. ~ ,ryjJ . ti Qt/Ylt!~lJJ Loumsh,o A. Elh . City Clerk I, Loucrish,a A. Ell is, City Cle rk of the City of Englewood, Colorado , hereby certify th at th e abo,·e ond forecoing is a tru e cop v of the Ordin anc e pn ssed on final rending and , •• ;,>,,a ~ ,.,, .. o,a;,,. .. ,,i,L '""' ,, '"~-. W>J[µd .~ Loucrishio A. Elli s -2· • • • ,. • COUNCIL COMMUNICATION Date Agenda Item Subject October 16, 1995 Bill For An Ordinance 11 a i . Establishing The 1995 Mill Levy Collected in 1996 Initiated By I Staff Source Deoartment Of Financial Services Frank Grvalewicz Director COUNCIL GOAL A ND PREVIOUS COUNCIL ACTION The City Council reviewed the Cit y's Five Ye2r Capital Plan (FYCP) at study sessions held on July 10 and July 24 , 1995. The Council rev iew the operati ng budgets for all City departments and funds at the ir September 18 and 25, 1995 study sessions. A public hearing regarding the Proposed 1996 Budget was held on October 9, 1995. Council met October 9 , 1995 at a study session to discuss adjustments to the 1996 Proposed Budget. RECOMMENDED ACTION Staff recommends Council approve this bill for an ordinance establishing the 1995 mill levy to be collected in 1996. BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED The City of Englewood assesses property tax for the general operations of the government and for the Community Center Debt Service Fund . TABOR restricts the City fro m raising the mill or the amount collected (over the Denver-Boulder CPI plus local growth factor) without a vote of the citizens . Th is year's General Fund mill levy is unch anged from 1994. The 1995 levy is certified to Arapahoe County and collected in 1996. The Englewo od Down town Development Authority's mill levy is set at 4.397 mills as recommended and .,,woved by the Authority. The asse ssed value subject to the Englewood Downtown De ,·· ,pment Authority mill levy for 1995 collected in 1996 is $26 ,051 ,880. Fh,~NCIAL IMPACT Based on the assessed valuation for the City of Englewood as certified by the Arapahoe County Assessor, the net assessed value of all properties in Englewood for 1995 is $232,421,070 for 1995 compared to $224 ,210 ,380 for 1994 . The 1995 mill for General Fund operations is 5.880 mills and 2.035 mills for the Corr,munity Center Debt Service Fund . The total mill levy is 7 .915 for 1995 collected in 1996. The total amount budgeted for General Fund operations is $1 ,332,000 (net of uncollectibles , abatements , etc.). The amount budgeted for the Community Center Debt Service Fund is $461 ,000 (net of uncollectibles , abatements , etc.) . Prin!ed on Recycled Paper ,®, A home owner with a $100,000 dollar home In Englewood would pay the following to the City of Englewcod: Mali(et Valua Assessment Ra ti o Assessed Value General Operations Mill Levy Taxes Pai d For General Fund Operati ons Marl<etValue Assessment Ratio Assessed Value Community Center Bond Fund Mill Le vy Taxes Paid For Community Center Bond Fund Total Taxes Pa id To City Of Englewood UST OF ATTACHMENTS Proposed bill for an ord in ance $100 ,000 10.36% $10,360 5 .880 $61 .92 $100,000 10.36% $10,360 2 .035 $21.08 $83.00 • •