HomeMy WebLinkAbout3841 Ordinance ORDINANCE NO. '3�4
AN ORDINANCE PROVIDING FOR THE 2008 AD VALOREM TAX LEVY,A LEVY
FOR THE 1999 UNLIMITED TAX GENERAL OBLIGATION BONDS AND A LEVY
FOR THE 2002 UNLIMITED GENERAL OBLIGATION REFUNDING BONDS IN THE
CITY OF PASCO IN ACCORDANCE WITH STATE LAW.
THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON DO ORDAIN
AS FOLLOWS:
§l. The City Council of the City of Pasco has met and considered its budget for the
calendar year 2008;
§2. The City Council of the City of Pasco after public hearing and after duly considering
all relevant evidence and testimony presented, determined that the City of Pasco requires a
regular levy in the amount of $5,513,967, which does NOT include any of the allowable
percentage increase in property tax revenues from the previous year, and does include amounts
resulting from the addition of new construction and improvements to property and any increases
in the value of state-assessed property, and amounts authorized by law as a result of any
annexations that have occurred and refunds made, in order to discharge the expected expenses
and obligations of the district.
RCW 84.55.120 requires a specific statement regarding the amount of any increase in
regular property tax from the previous year. The actual general levy amount from the previous
year (2007) was $5,204,745. The City Council of the City of Pasco hereby authorizes the
following increase in the regular property tax levy to be collected in the 2008 tax year. The
dollar amount of the increase over the actual levy amount from the previous year shall be $0
(ZERO) which is a percentage INCREASE of 0% (ZERO PERCENT) from the previous year.
This increase is exclusive of additional revenue resulting from the addition of new construction
and improvements to property and any increase in the value of state assessed property, and any
additional amounts resulting from any annexations that have occurred and refunds made.
The property tax from new construction to be included in the actual levy is calculated to be
$293,588. This number is the result of the amount of new construction and improvements to
property of$130,520,160, provided by the Franklin County Assessor's Office, multiplied by the
2007 levy rate of$2.2494 per $1,000 of that value. There was a $6,950,331 increase in the value
of state assessed property, multiplied by the 2007 levy rate of$2.2494 per $1,000 of that value,
resulting in additional tax levy of$15,634. There was no additional amounts resulting from any
annexations that have occurred or refunds made.
§3. A tax for the following sums of money which includes new construction and
annexations to defray the expense and liabilities of the City of Pasco be and the same is hereby
levied for the purposes specified against all taxable property in the City for the fiscal year 2008.
General Expense, including Councilmanic Bond Debt Service $5,513,967
1999 Unlimited Tax General Obligation Bond/Library Remodel 72,772
1999 Unlimited Tax General Obligation Bond/Fire Station 92,178
2002 Unlimited Tax General Obligation Refunding Bonds 381,700
$6,060,617
§4. This Ordinance shall take effect five(5) days after passage and publication.
Adopted by the City Council of the City of Pasco, on this 19th day of November, 2007.
City Z" aL,
Joyce o , ayor
Attest: Approved As To arm:
-� &"- 00�
Debra Clark, City erk L , City Attorney