Agenda Date: 10/21/2014
Subject:
Title
Ordinance on second reading establishing the tax levy of 6.662 mills to defray the costs of municipal government of the City of Littleton, Counties of Arapahoe, Douglas, and Jefferson, State of Colorado, for the city's fiscal year beginning January 1, 2015 and ending December 31, 2015
Body
Presented By: |
Doug Farmen, Finance Director |
POLICY QUESTION:
Does council support the proposed 2014 tax (mill) levy ordinance for the City of Littleton (to be collected in 2015)?
BACKGROUND:
The mill levy rate remains the same as last year at 6.662 mills.
STAFF ANALYSIS:
The mill levy has not increased since 1991. Property taxes represent 8% of General Fund revenues that fund the city's operations.
FISCAL IMPACTS:
The tax (mill) levy provides for the assessment and collection of property taxes. The estimated amount of property tax revenues in the 2015 Proposed Budget was $4,300,000. The certified amount of $4,115,000 is $185,000 less than the proposed budget estimate and is reflected in the annual appropriations ordinance as presented. The 2015 collections amount is slightly above the 2014 certified amount of $4,093,000.
STAFF RECOMMENDATION:
Staff recommends approving the 2014 tax (mill) levy ordinance on second reading.
PROPOSED MOTION:
Proposed Motion
Motion that the ordinance approving the 2014 tax (mill) levy ordinance be approved on second reading.