HomeMy WebLinkAbout3726Ordinance No. 3726
(Amending or Repealing Ordinances)
CFN=104 - Finance
Passed - 12/14/2004
Tax Levy Adjustment Authorized (1%, Plus Banked Capacity) - 2005 Budget
ORDINANCE NO. 74L(o
AN ORDINANCE of the City Council of the City of
Kent, Washington, authorizing the 2004 property tax levy for
the 2005 budget at the previous year's maximum allowed tax
levy, with a statutorily allowed one (1) percent increase to
partially cover impacts from inflation, for collection in 2005,
together with any increases resulting from the addition of new
construction and improvements to property, from any increase
in the value of state -assessed property, from the refund fund
levy, and from annexed properties.
RECITALS
A. Pursuant to RCW 84.55.120 and after providing all appropriate notice, the
Council held a public hearing on September 21, 2004, to consider the City of Kent's
operating and capital budget for the 2005 calendar year, and held a public hearing
November 16, 2004, to address the City's 2004 property tax levy, revenues, and limit
as well as the proposed 2005 budget.
B. In accordance with RCW 84.55.120, any increase in property tax revenue
than that resulting from the addition of new construction and improvements to
-ty, annexations, and any increase in the value of state -assessed property and the
I fund levy, requires the adoption of a separate ordinance from the tax levy ordinance
authorizing the increase in terms of both dollars and percentage.
1 Tax Levy Adjustment Authorized
(I %, Plus Banked Capacity) - 2005 Budget
C. The City Council finds that in order to best protect the public health, safety,
and welfare, to protect the City's future property tax levy capacity, to serve the citizens of
Kent by maintaining an appropriate level of service throughout the City, to appropriately
discharge the City's expected expenses and obligations, and to best serve the citizens of
Kent through a continued commitment to capital improvements throughout the City, a
substantial need exists to increase its tax levy by using all the City's "banked" tax levy
plus the one (1) percent limit factor allowed by law. In prior years, the City has
always set its tax levy at the maximum level permitted by law, but has rather reduced
tax levy below the level it could otherwise impose. Pursuant to RCW 84.55.092, this
amount of regular property tax which would otherwise have been allowed if
City had levied the full amount of regular property tax that the City could have levied
in prior taxing years constitutes the City's "banked" regular property tax capacity.
D. Accordingly, the regular property tax levy for the 2005 budget—in addition
the increase resulting from the addition of new construction and improvements to
, and any increase in the value of state -assessed property, the refund fund levy, and
properties—should use the City's banked property tax capacity and should
established at the previous year's maximum allowed property tax levy, plus the
allowed one (1) percent increase for inflation.
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF KENT,
ASHINGTON, DOES HEREBY ORDAIN AS FOLLOWS:
ORDINANCE
SECTION]. - Recitals Incorporated The foregoing recitals are incorporated into
ordinance.
2 Tire Levy Adjustment Authorized
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SECTION2. - Property Tax Levy Authorized In addition to the increase resulting
from new construction and improvements to property, from annexations, from any increase
in the value of state -assessed property, and from the refund fund levy, the 2004 regular
property tax levy for the 2005 budget is authorized at the previous year's maximum
allowed property tax levy, including the City's banked property tax capacity, plus the
statutorily allowed one (1) percent increase for inflation. Pursuant to RCW 84.55.120, the
increase in property tax revenue is calculated to be $1,195,835, representing five and
four -tenths (5.4) percent, in addition to the effects of new construction, annexations and
increases in state -assessed property.
SECTION 3. - Severability If any one or more sections, subsections, or sentences
hof this ordinance are held to be unconstitutional or invalid, such decision shall not affect
validity of the remaining portion of this ordinance and the same shall remain in full
and effect.
SECTION 4. - Effective Date. This ordinance shall take effect and be in force five
days from and after its passage, approval, and publication as provided by law.
ATTEST:
BRENDA JACOBER, CITY CLERK
3 Tax Levy Adjustment Authorized
(1 %, Plus Banked Capacity) - 2005 Budget
APPROVED AS TO FORM:
�VAL r A 1.P �
TOM BRUBAKER, CITY ATTORNEY
PASSED: /�/ day of December, 2004.
APPROVED: - /I/ day of December, 2004.
PUBLISHED: day of December, 2004.
I hereby certify that this is a true copy of Ordinance No. 3 7,),L passed
by the City Council of the City of Kent, Washington, and approved by the Mayor of the
City of Kent as hereon indicated.
a �`--e�(SEAL)
BRENDA JACOBEIV, CITY CLERK
4 Tax Levy Adjustment Authorized
(1 %, Plus Banked Capacity) - 2005 Budget