HomeMy WebLinkAbout10/02/2013 8A AGENDA BILL 2A
CITY OF BREMERTON
CITY COUNCIL
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SUBJECT: Ordinance No 5224 Study Session Date September 25, 2013
establishing a fiscal policy regarding the use COUNCIL MEETING Date October 2, 2013
of utility tax revenue and payment in lieu of Department Finance
property tax (PILOT) revenue assessed Presenter Becky Hasart
against City utilities Phone Ext 5722
SUMMARY: The City currently assesses both a utility tax (9 5% for water and 14% for wastewater
and Stormwater) and a PILOT tax (6% for all three utilities) against its own utilities These taxes are
a revenue stream to the general fund The attached ordinance would establish a fiscal policy that
would cap the general fund revenue from this stream to the amount of 2013 actual receipts and
redirect any future year increases in this revenue stream to the street fund
ATTACHMENTS: Ordinance No 5224 establishing a fiscal policy regarding the use of utility tax
revenue and payment in lieu of property tax revenue assessed against City utilities
FISCAL IMPACTS (Include Budgeted Amount) Based on projected 2013 receipts and proposed
2014 budgeted utility revenue, the General Fund's tax receipt is estimated at $4,107,579 and the
incremental increase to the street fund is estimated at $196,599
STUDY SESSION AGENDA ❑ No Presentation ❑x Full Presentation
STUDY SESSION ACTION: ❑ Consent Agenda ® General Business ❑ Public Hearing
RECOMMENDED MOTION:
Move to approve Ordinance No 5224 of the City Council of the City of Bremerton, Washington,
establishing a fiscal policy regarding the use of utility tax revenue and payment in lieu of property tax
(PILOT) revenue assessed against City of Bremerton owned water, wastewater, and Stormwater
utility revenues
COUNCIL ACTION: ZApprove ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 11/02/12