City of Colorado Springs - File #: 17-1046

• File #: 17-1046
• Version: 2
• Type: Ordinance
• Status: Mayor's Office
• File created: 5/25/2017
• In control: City Council
• On agenda: 12/12/2017
• Final action: 12/12/2017
• Title: Ordinance No. 17-115 making and certifying the 2017 Tax Levy for taxes payable in 2018 at 4.279 mills upon each dollar of assessed valuation of all taxable property and a tax credit of 4.279 mills upon each dollar of assessed valuation of all taxable business personal property within the Corporate Limits of the City of Colorado Springs Presenter: Charae McDaniel, Chief Financial Officer

Date	Ver.	Action By	Action	Result
12/12/2017	1	City Council	finally passed
11/28/2017	1	City Council	approved on first reading	Pass
11/27/2017	1	Council Work Session	referred

Title
Ordinance No. 17-115 making and certifying the 2017 Tax Levy for taxes payable in 2018 at 4.279 mills upon each dollar of assessed valuation of all taxable property and a tax credit of 4.279 mills upon each dollar of assessed valuation of all taxable business personal property within the Corporate Limits of the City of Colorado Springs

Presenter:
Charae McDaniel, Chief Financial Officer

Body
Summary:
Per City Charter 7-40.Levy, the Council shall make by ordinance the proper levy in mills upon each dollar of the assessed valuation of all taxable property within the City, and shall thereupon cause the total levy to be certified by the Clerk to the County Assessor. Further, as provided by City Charter, the Colorado Constitution, and the laws of the State of Colorado, City Council grants a property tax credit on all taxable business personal property equal to one hundred percent (100%) of the gross mill levy. The attached Ordinance fulfills these requirements.

Previous Council Action:
The 2018 Budget that was provided to City Council on October 2, 2017, includes a Property Tax revenue amount of $20,475,000. City Council held two budget work sessions and a markup session to review and discuss the 2018 Budget.

Background:
For 2017, 4.279 mills is set as a tax levy for City purposes to be due and payable in and during the year 2018, which is unchanged from the prior year. For 2017 taxes, payable in and during 2018, a one hundred percent (100%) tax credit of 4.279 mills upon each dollar of assessed valuation of all taxable business personal property.

Financial Implications:
The City's 2018 property tax revenue is budgeted for $20,475,000.

Board/Commission Recommendation:
N/A

Stakeholder Process:
Public input was received by City Council at a formal public hearing held on October 19, 2017. An additional public hearing was held on November 14, 2017 for public input on budget revision, post-election.

Alternatives:
Per City Ch...