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HomeMy WebLinkAbout3842 Ordinance ORDINANCE NO. Z�q Z AN ORDINANCE PRESERVING PROPERTY TAX LEVY CAPACITY IN THE CITY OF PASCO, WASHINGTON FOR FISCAL YEARS AFTER 2008 IN ACCORDANCE WITH STATE LAW. WHEREAS, to provide the property tax revenues required by the general operating budget of the City for fiscal year 2008, City Council of the City of Pasco levied property taxes on all taxable property in the City for collection in fiscal year 2008 in the total amount of$5,513,967, which dollar amount is the sum of(a) $5,204,745, which is the amount of property taxes levied by the City in fiscal year 2007, plus (b) $0 (ZERO) of the allowable increase of the lesser of 1% or the Implicit Price Deflator, which for this calculation, is 2.084%, (c) $293,588, which is the amount of additional taxes at the 2007 levy rate of 2.2494 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 2007, 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 2008, calculated as if the City in fiscal year 2008 had levied the full amount allowed by state law upon a finding of substantial need therefore; and WHEREAS, upon a finding of substantial need and based upon limit factors of the lesser of 101%or IPD (102.084%) 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 2008 in a total amount of$6,182,258 (the "full amount allowed by law"), which dollar amount is the sum of(a) $5,873,036 (the lesser of the amount calculated by multiplying the allowable 2007 property tax levy of$5,814,887 times the limit factor of the lesser of 101% or 1PD or the $3.60 per $1,000 statutory limitation), plus (b) $293,588, which is the amount of additional taxes at the 2007 levy rate of 2.2494 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 2007 ($0), and any increase in value of state-assessed utility property in the City at the 2007 levy rate of 2.2494 cents per$1,000 of assessed value ($15,634); and WHEREAS, the full amount allowed by law for fiscal year 2008 of $6,182,258 is $668,291 greater than the actual property tax levy of the City for fiscal year 2008 of$5,513,967 and such excess of$668,291 represents the unused 2008 property tax levy capacity that the City desires to preserve for future fiscal years after 2008; 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 2008 the capacity to levy property taxes on all taxable property in the City in the amount of$668,291, which is equal to the unused levy capacity of the City for fiscal year 2008. 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 APPP,()VED by the Mayor of Pasco, Washington, at a regular open public meeting thereof, this /R T``day of November, 2007. Joyce Ols , M or UQCA E Debra Clark, City Clerk APPROVED/AS� TO FORM: ity Attorney J iu,d�a,�ewcurl