The URL can be used to link to this page

Home My WebLink About1817 OrdinanceORDINANCE NO. 1817 AN ORDINANCE FIXING THE AMOUNT OF THE AD VALOREM TAX LEVIES NECESSARY TO RAISE THE ADDITIONAL AMOUNTS NEEDED BETWEEN ESTIMATED REVENUES FROM SOURCES OTHER THAN AD VALOREM TAXES FOR CERTAIN FUNDS AND THE ESTIMATED EXPENDITURES FOR SAID FUNDS; FOR THE PAYMENT OF PRINCIPAL AND INTEREST UPON THE GENERAL BONDED INDEBTEDNESS OF THE CITY OF PASCO FOR THE FISCAL YEAR 1977, AND TO LEVY THE ANNUAL AD VALOREM TAXES OF THE CITY OF PASCO FOR THE FISCAL YEAR 1977, AND APPORTION THE SAME TO CERTAIN FUNDS FOR CERTAIN PURPOSES. THE CITY COUNCIL OF THE CITY OF PASCO DO ORDAIN AS FOLLOWS: Section 1. That the annual amount of ad valorem tax levies of the City of Pasco for the fiscal year 1977 necessary to raise the additional amounts needed between estimated revenues from sources other than ad valorem taxes and expenditures for such. said funds, be and the same are hereby levied upon real and personal property subject to taxation in said City and all the assessment districts thereof and upon each dollar of taxable value as follows, to -wit: Amount per $1,000 of Amount Assessed Valuation In All Assessment Districts for Payment to: General, Government $483,469 1968 General Obligation Bond Fund 8,900 1969 General Obligation Bond Fund 6,000 1977 General Obligation Bond Fund 43,000 Est. Sub -Total Levy: $541,369 In the Library Assessment District for Payment to: 1961 General Obligation Bond Fund $ 30,000 In the Library and Street Assessment Districts for Payment to: 1965 General Obligation Bond Fund $ 59,000 In the Library, Street and Bridge Assessment Districts for Payment to: 1971 General Obligation Bond Fund $ 64,000 In all Assessment Districts for Payment to: 1977 Special Fire Levy $350,000 TOTAL LEVY: $1,044,369 3.1020 .0571 .0385 .2759 3.4735 .2309 .4094 .4426 2.2698 6.8262 Section 2. That said taxes herein provided for are levied for the purpose of raising revenues sufficient to pay the principal and interest upon the general bonded indebtedness of the City of Pasco and for a portion of the General Page Two Ordinance No. 1817 Fund, and for the operation of the several departments of the Municipal Government of the City of Pasco for the fiscal year beginning January 1, 1977, and ending December 31, 1977. Further, said taxes are hereby levied upon all the real and personal property as shown by the assessments in the County of Franklin, as finally fixed by the County and the State Board of Equalization, and as extended upon the books of the County Assessor, showing the property within said City subject to taxation for municipal purposes, and upon the amount of said real and personal property as certified by the County Assessor, which certificate was heretofore received by the City of Pasco, all pursuant to and under and by virtue of the Laws of the State of Washington. Section 3. That the taxes collected from the levies hereby fixed, to- gether with the estimated revenues from sources other than ad valorem taxes which constitute the appropriations of the City -of Pasco for the fiscal year 1976 will be appropriated as itemized an& classified in the annual budget for the fiscal year 1977. PASSED and APPROVED this ATTE %E ELLS -;-DEPUTY CITY CLERK - r APPROVED: -AS TO FORM: PATRICK T. ROACH, CITY -ATTORNEY day of October , 1976. JAN TID IC MAYOR MEMORANDUM TO: Mayor and Members of the City Council FROM: Leo Olney, Director of Finance SUBJECT: SETTING TAX LEVY FOR 1977. September 28, 1976 The official assessed valuation for the City of Pasco has been received from the County Assessor, and is $155,856,775, up 15.8 million over 1975. Part of the annual tax levy process is for the Council to pass an ordinance fixing the amount of taxes to be levied. The attached work sheet from the Assessor shows the tax calculation for the 1977 levy. If it wasn't for the 106% limitation, Pasco's general purpose levy would be at $3.60/$1,000 of assessed valuation, or $561,084 —$19,715 more than with the 106% limitation. In addition to the regular levy, special levies for bond debt service and the one time special fire levy must be set. They are: Library bonds $ 30,000 Street bonds 59,000 Bridge bonds (71) 64,.000 Fire levy 350,000 Total: $ 503,000 or $3,262 per $1,000 of assessed valuation. An ordinance setting these levies will be presented at the Council Meeting of October 5, 1976, for your consideration. leo:pt 106% REGULAR LEVY LIMIT CALCULATION The procedure for computing the 106% levy limitation as provide has been outlined in P.T.B. 074-13. . • Y� ``q•`U� SEP 27 1976 .55.010 Because of changes implemented by the provisions of RCW 84.40.030, the computation of the 106% limit shall, be as follows: (E) Regular property tax income limit. (Lines B+C+D represent the maximum regular levy allowable.) 1976 Valuation $155,856,775x .3.4735 = 541-;,368.51. $ 541, 3 6 6.6=1 The regular property tax income limit shown in Item (E) shall not exceed the taxing district's statutory levy rate multiplied times the current local and state assessed property including 100% of the timber roll and less exemptions. If the dollar amount shown in Item (E) exceeds the product of the statutory rate multiplied times the total taxable assessed value, the statutory levy rate shall be used. NOTE TO TAXING DISTRICTS: In addition to the income limit shown in Item (E) above, the districts with timber will receive from the forest excise tax an amount equal to the district's timber assessed value multiplied times the current levy rate. The district's budget request should include the regular property tax plus the timber excise tax. Current Year's Levy Rate District's Timber Assessed Value $ x - $ TAXING DISTRICT CTTY of PASCO 19 76 ASSESSMENT FOR 1977 TAX .(A) Regular property tax levied for the tax year 19 76 . (Highest of the three most recent years.) $ .487,801.67 (B) 106% of Line A. $ 517,069,77 (C) Current year's assessed value of new construction and improvements multiplied times the last year' -s regular levy rate. A.V. $ 7,005,200 x 19 76 levy 3.4684 - $ 24,296.84 (D) Current year's assessed value of state assessed property (as certified by the Department of Revenue), less last •Dear's assessed value of state assessed property. The -emainder to be multiplied times the.last year's regular _evy rate. -urrent year A.V. $ 9,508,960 minus last year's A.V. $ 10.113.627 = A.V. remainder $ _ times 19 levy $ ------------ (E) Regular property tax income limit. (Lines B+C+D represent the maximum regular levy allowable.) 1976 Valuation $155,856,775x .3.4735 = 541-;,368.51. $ 541, 3 6 6.6=1 The regular property tax income limit shown in Item (E) shall not exceed the taxing district's statutory levy rate multiplied times the current local and state assessed property including 100% of the timber roll and less exemptions. If the dollar amount shown in Item (E) exceeds the product of the statutory rate multiplied times the total taxable assessed value, the statutory levy rate shall be used. NOTE TO TAXING DISTRICTS: In addition to the income limit shown in Item (E) above, the districts with timber will receive from the forest excise tax an amount equal to the district's timber assessed value multiplied times the current levy rate. The district's budget request should include the regular property tax plus the timber excise tax. Current Year's Levy Rate District's Timber Assessed Value $ x - $