Posted: August 23, 2024
Rapid City
Agenda Item Summary

Agenda Item Ref. #: CC082624-02 Approve Resolution 2024-069

Agenda Item Title:

Approve Resolution no. 2024-069 – Resolution of Intent to take the Statutorily Authorized Increase in Property Tax Revenue as part of the Annual Appropriation Ordinance for 2025

Origination Group:
City Council
Origination Meeting Date:
08/26/2024
Staff Contact:
Daniel Ainslie
Agenda Item Summary:
Resolution No. 2012-04 requires the City Council to approve a separate resolution declaring its intent to take the statutorily authorized increase of 3% (or the CPI whichever is less) in property taxes for the subsequent year’s appropriation ordinance. The proposed appropriation ordinance includes the statutory allowable increase of 3.0% which is $704,125. If the City Council chooses not to take the inflationary increase authorized by statute, it will need to cut the budget for 2025 by $704,125, or find an alternative source of revenue to cover the difference.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center

Recommendations:

Origination Recommendation Action:
Approve

Attachments & Links to Download:

  pdf Resolution 2024-069

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