HomeMy WebLinkAbout11/01/2023 4M
AGENDA BILL
CITY OF BREMERTON
4M
CITY COUNCIL
SUBJECT:Ordinance No. 5486to levy Study SessionDate: October 25, 2023
Property Taxes for Collection in 2024
COUNCIL MEETING Date: November 1, 2023
Department: Financial Services
Presenter: Mike Riley
Phone: (360) 473-5303
SUMMARY:Cities over 10,000 in population are allowed to raise their annual property tax collection
by either 1% or the amount of the July Implicit Price Deflator (IPD), whichever is lower. This year,
the IPD was 3.67%.
The City is requesting the full 1% increase to our general property tax and EMS levy over the prior
construction, has been included in the 2024Proposed Budget.
RCW
requires that the certification includes the enabling tax ordinance setting the property tax rate. These
documents must be submitted to the county by November 30, 2023.
ATTACHMENTS:Ordinance No. 5486establishing the amount to be collected in 2024by taxation
on the assessed valuation of taxable property within theCity limits of Bremerton and setting the
property levy rate.
FISCAL IMPACTS(Include Budgeted Amount): The proposed 2024budget anticipates passage
of this ordinance. Budgeted revenue matches the levy amounts as the total collections in recent
years closely approximate the actual amount collected. In the General Fund revenue from the
general property tax levy is $8,981,223and the EMS levy is $2,299,698. Revenue from voter
approved levies are budgeted in Debt Service funds and include $900,000for the 2010 Public Safety
bond and $550,000for the 2015 Public Safety bond.
STUDY SESSION AGENDA: LimitedPresentation Full Presentation
STUDY SESSION ACTION:Consent Agenda General Business Public Hearing
RECOMMENDED MOTION:
Move to pass Ordinance No. 5486establishing the amount to be collected in 2024by taxation on the
assessed valuation of taxable property within the City limits of Bremerton and setting the property
levy rate.
COUNCIL ACTION: Approve Deny Table Continue No Action
Form Updated 01/02/2018