HomeMy WebLinkAbout11/06/2024 7C
AGENDA BILL
CITY OF BREMERTON
7C
CITY COUNCIL
SUBJECT:StudySessionDate: October 23, 2024
Ordinance No. 5502to levy Property Taxes COUNCIL MEETING Date: November 6, 2024
for Collectionin 2025
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 was2.57%.
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 2025-2026Proposed Biennial Budget.
RCW 84.52.020 requires all taxing distric
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, 2024.
ATTACHMENTS:1. Ordinance No. 5502
FISCAL IMPACTS(Include Budgeted Amount): The proposed 2025-2026 biennialbudget
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 $9,304,966and the EMS levy is $3,182,034. Revenue
from voter approved levies are budgeted in Debt Service funds and include $900,000 for the 2010
Public Safety bond and $550,000 for the 2015 Public Safety bond.
STUDY SESSION ACTION:Consent Agenda General Business Public Hearing
RECOMMENDED MOTION:
Move to pass Ordinance No. 5502establishing the amount to be collected in 2025by 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 04/19/2024