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Home My WebLink About10/17/2012 6C AGENDA BILL CITY OF BREMERTON CITY COUNCIL SUBJECT: B & O Tax Code Revision Study Session Date September 12, 2012 Ordknay"CE 0 $1C(5 COUNCIL MEETING Date October 17, 2012 Department Finance _ © rd i i"& nc-e, No 51 y ( Presenter Becky Hasart Phone 473 -5722 SUMMARY: Presented for consideration is a code revision related to the City's B & O tax The proposal raises the exemption of revenue subject to B & O tax from $60,000 00 to $80,000 00 beginning in 2013 and continues to raise the tax exemption an additional $20,000 00 a year for each year thereafter ATTACHMENTS: Proposed Ordinancepaising the exemption of revenue subject to B & O tax `¢xe rn - 1 4' 1'M0.h•rTGG�v,ri ^, ��aSS; ll� -�i'�� + FISCAL IMPACTS (Include Budgeted Amount) The fiscal impact can vary depending on how much revenue is received each year by our business community Based on 2011 numbers, this incremental increase to the exemption amount would have had a $50,573 impact The 2013 Mayor's Proposed Budget projection for B &O receipts does anticipate passage of this ordinance APPROVALS: DEPARTMENT DIRECTOR CITY ATTORNEY FINANCE DIRECTOR MAYOR RECOMMENDED MOTION: I Move to approve Ordinance No JI 9 5 raising the exemption of revenue subject to B & O tax a> Move +o c,PPw-ie Ord in4n(.c No. 5 11 (0 ` z) �lih p, -For "lose th a �i Yes �e� i.� � b�s;r�SS 0.5 a V`^Q ,, &4k4I`er. STUDY SESSION ACTION: F] Consent Agenda General B m 1k ess Public Hearing COUNCIL PRESIDENT COUNCIL ACTION: [Approve 1V E✓ Den ❑ Table ❑ Continue ❑ No Action Forth Updated 11/02/2011 D14 #r9114 nett