HomeMy WebLinkAbout3583 Ordinance f
ORDINANCE NO. 3583
AN ORDINANCE PRESERVING PROPERTY TAX LEVY
CAPACITY IN THE CITY OF PASCO, WASHINGTON FOR FISCAL
YEARS AFTER 2003 IN ACCORDANCE WITH STATE LAW.
WHEREAS, to provide the property tax revenues required by the
operating budget of the City for fiscal year 2003, City Council of the City of
Pasco levied property taxes on all taxable property in the City for collection in
fiscal year 2003 in the total amount of $3,500,000, which dollar amount is the
sum of (a) $3,487,460, which is the amount of property taxes levied by the City
in fiscal year 2002 multiplied by a factor of 1%, which is the lesser of 1% or the
Implicit Price Deflator (IPD) percentage calculation, which has been set at
1. 16°/x, voted into law by Initiative 747, plus (b) $12,540, which is a small
portion of the amount of additional taxes at the 2002 levy rate of 3.0634 cents
per $1,000 of assessed value resulting from the addition of new construction
and improvements to property in the City, property annexed into the City
during fiscal year 2002, and any increase in value of state-assessed property in
the City; and,
WHEREAS, the City Council of the City desires to preserve in accordance
with state law (including but not limited to Chapter 84.55 RCW) the capacity of
the City to levy property taxes in future fiscal years after 2003 calculated as if
the City in fiscal year 2003 had levied the full amount allowed by state law
upon a finding of substantial need therefor; and
WHEREAS, upon a finding of substantial need and based upon limit
factors of the lesser of 101% or IPD (101.16%) for the previous year and limit
factors of 106% for previous years as provided by RCW 84.55.0101 and $3.60
per $1,000 of assessed value by RCW 84.52.043 and 41.16.060, the City would
be permitted to levy property taxes for fiscal year 2003 in a total amount of
$4,448,650 (the "full amount allowed by law"), which dollar amount is the sum
of (a) $4,026,585 (the lesser of the amount calculated by multiplying the
allowable 2002 property tax levy of $3,986,718 times the limit factor of 101%
or the $3.60 per $1,000 statutory limitation), plus (b) $426,787, which is the
amount of additional taxes at the 2002 levy rate of 3.0634 cents per $1,000 of
assessed value resulting from the addition of new construction and
improvements to property in the City, property annexed into the City during
fiscal year 2002, and any increase in value of state-assessed property in the
City; and
WHEREAS, the full amount allowed by law for fiscal year 2003 of
$4,448,650 is $948,650 greater than the actual property tax levy of the City for
fiscal year 2003 of $3,500,000 and such excess of $948,650 represents the
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unused 2003 property tax levy capacity that the City desires to preserve for
future fiscal years after 2003; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO
ORDAIN as follows:
Section 1. The City Council of the City finds and determines that there is
substantial need for the City to preserve for future fiscal years after 2003 the
capacity to levy property taxes on all taxable property in the City in the amount
of $948,050, which is equal to the unused levy capacity of the City for fiscal
year 2003. This substantial need includes, without limitation, the anticipated
future requirements for additional property tax revenues that will be needed for
the construction and/or maintenance of roads, streets, bridges and other
transportation facilities of the City; to satisfy anticipated and unanticipated
new regulatory requirements applicable to the City; to provide for potential
excess costs of capital facilities; and generally to meet other substantial future
financial requirements of the City.
Section 2. This ordinance shall take effect and be in force from and after
its passage and five days following its publication as required by law.
ADOPTED by the City Council by the affirmative vote of a majority plus
one vote of the members thereof and APPROVED by the Mayor of Pasco,
Washington, at a regular open public meeting thereof, this 18" day of
November, 2002.
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Michael Ga on, Mayor
ATTEST: APPROVED AS TO FORM:
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Webster U. Jackso , City Clerk Leland B. Kerr, City Attorney