HomeMy WebLinkAboutOrdinance 7418 DATE REFERENCE SUBJECT: Adoption of 1976--77 Annual PAGE
NUMBER
9/13/76 G-3165 Budget 2 or 2
Revenues
Ad Valorem Taxes
Increasing the Senior Citizen Exemption from $3,000 to $4,000 will result in
lowering the assessed valuation for property tax an estimated $14,930,031, for
a revised estimate of $1,993,189,340. This reduces the estimated tax revenue
$244,748.
Street Use - Gas
This revenue is re-estimated to total $1,193,040, or $453,040 more than was
included in the Proposed Budget.
Senior Citizen Exemption
City Council tentatively approved increasing the Senior Citizen Exemption from
$3,000 to $4,000. A resolution is attached which would authorize this tax
relief for qualified citizens.
Recommendation
It is recommended the Public Hearing be closed and:
1) An Appropriations Ordinance be adopted incorporating changes
made from the City Manager's proposed budget as finally
determined by the City Council;
2) An ordinance be adopted establishing the 1976-77 ad valorem tax
rate at $1.69 per $100 assessed valuation, and
3) A resolution be approved increasing the Senior Citizen Exemption
from $3,000 to $4,000.
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Attachments
SUBMITTED BY: DISPOSITIOEg, Y COUNCIL: PROCESSED BY
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