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Posted: August 22, 2019
Rapid City
Agenda Item Summary

Agenda Item Ref. #: CC082619-02 Resolution 2019-076

Agenda Item Title:

RESOLUTION OF INTENT TO TAKE THE STATUTORILY AUTHORIZED INCREASE IN PROPERTY TAX REVENUE AS PART OF THE ANNUAL APPROPRIATION ORDINANCE FOR 2020.

Origination Group:
City Council
Origination Meeting Date:
08/26/2019
Staff Contact:
Pauline Sumption
Agenda Item Summary:
State law limits the City’s ability to increase property taxes in its annual budget. Cities are allowed to increase property taxes by 3% or by the amount of inflation based on the consumer price index (CPI), whichever is less. This increase theoretically allows the amount of property taxes collected to keep up with inflation. In 2012 the City Council adopted a resolution which requires the Council to take a separate vote on whether or not to include the CPI increase in property taxes as part of the annual budget. The Mayor’s proposed budget includes a 2.4% increase in the City’s portion of property taxes based on the CPI. This amount represents approximately $425,000 of the anticipated revenue in next year’s budget.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
Funding Source & Fiscal Impact Notes:
If you do not take the allowed increase in property tax to account for inflation, you will need to reduce next year’s budget by approximately $425,000.

Recommendations:

Origination Recommendation Action:
Approve

Attachments & Links to Download:

  pdf Resolution 2019-076

Published in 2019 - CC Agenda Items
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