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Home My WebLink About1996 Ordinance No. 062• • • ORDINANCE NO . /.P- SERIFS OF 1996 BY AUTHORITY COUNCIL BILL NO . tl:l INTRODUCED BY COUNCIL MEMBER HATHAWAY AN ORDINANCE FIXING THE TAX LEVY IN MILLS UPON EACH DOLLAR OF THE ASSESSED VALUATION OF ALL TAXABLE PROPERTY WITHIN THE CITY OF ENGLEWOOD, COLORADO, AND ESTABUSillNG A MILL LEVY FOR Tl.£ ENGLEWOOD DOWNTOWN DEVELOPMENT AUTHORITY . 11 b 111 WHEREAS, it ia the duty of the City Council of the City of Englewood , Colorado, under the Englewood Home Rule Charter and Colorado Revised Statutes, to make the am,ual levy fo r City purposes; and WHEREAS, the City Council hu duly considered the estimated valuation of all the taxable property wi thin the Cicy and th" need.I of the City and nf each of laid leviee and hu determined that the l•viea as l:t.. ei.Jafttr aet forth, are proper and wile ; and WHEREAS, the followin g levies are permitted under Article X, Section 20 of the <.<>lorndo Constitution without a vote by the citi,ens; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO , AS FOLLOWS : ~-Th at there be , d h ereby is levied for the year of 1996, due and payable as req u ired by statutes in the ye ar 1997, a tax of 5 .880 mills on the dollar for the General Fund of the City of Englewood , Colorado, and 1. 783 mills on the dollar for the Community Center Bond Fund Debt Service Fund of the City of Englewood, Colorado. That the levy herein above set forth shall be levied upon each dollar of the 8.118et18ed val uation of all taxable property within the corporate limita of the City of Englewood, Colorado, and the said levy shall be certified by law . Si:wJm..2 . That under the authority of the Colorado Revised Statutes and the Englewood Home Rule Charter, there is hereby levi ed for the ye ar 1996 , due and payabl• as ""luired by law in 1997 a tax of 4.397 mill s on the doll ar for the uae and benefit of the Englewood '.;owntown Dev elopment Auth ority. The levy herein above set forth shall be lev ied upon each do.Uar of assessed valuation of all taxable property within the Englewood , Colorado, Downtown Development District, and the said levy shall be certified as required by law . Introduced , read in full , and passed on 6nt reading on the 4th day of Novembe r , 1996 . Published aa a Bill for an Ordinance on the 7th day of November, 1996. Read by title and palll8d on final reading on the 18th day of November, 1996. Published by title aa Ordinance No . ~es of 1996, on the 21st day of November, 199C. Lfl{ij Loucrishia A. Ellis, City Clerk I, Loucrisbia A. Ellis , City Clerk of the City of Englewood , Colorado, hereby certify that the above and foregoing is a true COijY ~f the Ordinance paased on final reading and -~ ., ""' .. """"-•.. ..,, ..... ~~tl_tii,. Loucrisbia A. Ellis • • • • COUNCIL COMMUNICATION Date Agenda Item Subjlct November 4, 1996 BIii For An Onlinance 11 a ii Establishing The ·1996 Mill Levy Colledad In 1997 Initiated By I Fnmk - Staff Source Deoartment Of Financial Services Dll9Clor COUNCIL GOAL AND PREVIOUS COUNCIL ACTION The Ci~ Council rev iewed the City's Five Year Capital Plan (FYCP) at I study INSions held on July 22, 11l'lA The operating budgets for all City departmoots and funds was revie-1 at a budget retreat held or, September 22, 1998. A public hearing reganling the Proposed 1997 S,Jdget was 1':11ld on Septerr, ,r 16, 1998. Council met October 28 , 1996 1rt a $tudy session to further discuss the 1997 Proposed Budgel ,<:.. ·:l)!IIMENDED ACTION Staff recommends Council awrove this bill for an o.i:linanc., establishing the 1996 mill levy to be <;01i ect13d in 1997. BACKGROUND , ANALYSIS, AND AL T.i:RNATIVES IDENTIFIED The Cit1 of Englewood assesses property tax for the general operations of the Q<>Vemrnent and for ihe Community Center Debt Service Fund . TABOR restricts the City from raising the mill or the amount collected (over the Denver-Boulder CPI plus local growth factor) without a vote of the citizens . This year's General Fund mill levy is unchanged from 1995 (5 .880 mills). The 1996 lcvy is certified to Arapahoe Coun :-y for collection in 1997. The Englewood Downtown Development Authority's mill levy Is set at 4.397 mills as recommended and approved by the Authority. The assessed value subject to the Englewood DoNntown Development Authority mill levy for 1996 collected in 1997 is $2 3,808,060 r.ompared to an assessed value of $23,719,181 for 1995 collected in 1996. FINANCIAL IMPACT Based on the assessed valuation for the City of Englewood as certified by the Arapahoe County Assessor, the net assessed value of all proper! ~sin Englewood for 1996 is $258,426,080 compared to $233,980,050 for 1995. The 1996 mill for General Fund operations is 5 .880 miUs and 1.783 mills for the Community Center Debt Service Fund . The total mill lr,vy Is 7 .663 for 1996 collected in 1997. The total amount budge:ed for General Fund operations is $1 ,500,000 (net of uncollectibles , abatements , etc.). The amount budgeted for the Community Center Debt Service Fund is $465,000 (net of uncollectibles, abatements , etc .). A'-_.with a $100,000 dollar homa In EnglNood would pay the follawtng 1G Iha Clly ct E:.gl ■ cad: MlrtlatVakJa A---4Ratio Aasu■ed Value Geneiw Operations Mi!! Levy TUN Pllicl For Genotral Fund Op■l'lltlOM Malket Value All8SSll'llll'lt Ratio AINSMC!Ve!a Community Canter Bond Fund MiH Levy Tun Paid For Community Cerl!iet' Bond Fund Total Tun Paid To City Of Englewood UST OF ATTACHMENTS Ploposed bill for an ordinance $100,000 10.38% $10,380 5.880 $11.12 $100,000 1:l.38% $10,380 1.783 $11.47 $80.39 •