Posted: August 22, 2025
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF082725-13 Resolution No. 2025-106

Agenda Item Title:

Resolution No. 2025-106, a Resolution of Intent to Take the Statutorily Authorized Increase in Property Tax Revenue as Part of the Annual Appropriation Ordinance for 2026

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
08/27/2025
City Council Hearing Date:
09/02/2025
Petitioner:
Finance Office
Staff Contact:
Daniel Ainslie, Finance Director
Location:
Council Chambers
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 allowed increase for 2026 based on the CPI is 2.9%. The proposed appropriation ordinance includes the statutory allowable increase of 2.9% which is $752,714 If the City Council chooses not to take the inflationary increase authorized by statute, it will need to cut the budget for 2025 by $752,714, 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

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