HomeMy WebLinkAbout1989 Resolution No. 077RESOLUTION NO. rJ 7
Seri es of l 98q --t-/-
A RESOLUTION GIVING ~OTICE OF REVIEW OF SALES TAX
WHEREAS, purs~~nt to Ordinance No. 61, Seri es of 1987, the City
C~uncil is required to review the .5% increase in sales tax (one -half cent on
a do ll ar); and
WHEREAS, City Council has in fact reviewed the increase in sales tax
by the incorporation of the tax revenue in the 1990 budget;
NOW, THEREFORE, SE IT RESOLVED, by "he City Cou~cil of the City of
Eng l ewood, Colorado, t hat :
Notice is hereby given that the sale tax increase ha s been reviewed
and the tax increase wi 11 remain effective for 1990.
ATTEST :
ADOPTED AND APPROVED this 18th day of December, 1-989.
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--~tcuL#~ City Clerk
I, Patricia H. Crow, City Clerk of the City of Englewood, Colorado,
do hereby certify that the above and foregoing is a true, accurate and
complete copy of Resolution No . 7-7-• Series of 1989 .
,@-LU;,_ Y/. ~
africfa H. Crow
te
DATE
De cem ber 18, 1989
INITIATED BY
ISSUE/ACTION PRP90SED
COUNCIL COHHUNICATION
AGENDA ITEH
II (c)
City Manager
SUBJECT
Roger Fraser, City Manager
Review of Sales Tax
Adopt and approve resolution of notice that sales tax has bee n reviewed and that the
sales tax rate will remain effective for 1990 .
PREVIOUS COUNCIL ACTION
--Aft er r eview of the sales tax rate and related data, City Council adopted Resolution
37 , Ser i es of 1989, on June 19, 1989, stating that the disposition of the sales tax
rate was still under consideration .
e
STAFF ANALYSIS
As required by Ordinance 61, Series of 1987, that adopted the 3.5% sales tax rate,
the review of the sales tax rate should occur every six month s. During June 19
1988, City Co uncil made an extensive review of the sales tax and again on June 12,
1989, revi ewed data relative to sales tax collections . During the 1990 budget
preparation process, City Council was presented updated current sales tax data for
their review .
As City Council is aware, sales tax revenue continues to be th e primary funding
so urce for General Fund . Taxable sales in Englewood has remained virtually unmoved
for the l ast eighteen months and, in fact, sales tax revenue projections for the
1990 budget are less than the 1989 budget. Due to the City's stagnant economic
conditions, the 1990 budget adopted by City Council reflects tho s e conditions in
that all but a minor portion of 1990 revenues were appropriated and the revenue
associated with the .5 sales tax rate has becJme an integral part of the 1990
budget.
FINANC;AL
By the inclusion of all sales tax revenue in the 1990 budget and adoption by City
Co ur.cil of the 1990 budget, it is concluded that cont i nuation of the 3 .5% s ales tax
ra t e is in the best financial interest of the Cit,v .