HomeMy WebLinkAboutORD 5507CITY OF RENTON, WASHINGTON
ORDINANCE NO. 5507
AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON, ESTABLISHING THE
PROPERTY TAX LEVY FOR THE YEAR 2010 FOR BOTH GENERAL PURPOSES AND
FOR VOTER APPROVED BOND ISSUES, AND ELECTING TO BANK ONE PERCENT
(1%) OF THE LEGALLY PERMISSIBLE TAX LEVY TO PROTECT FUTURE LEVY
CAPACITY.
WHEREAS, the City of Renton has met and considered its budget for the calendar year
2010; and
WHEREAS, the City of Renton, after hearing and duly considering all relevant evidence
and testimony presented, determined that, in order to discharge the expected expenses and
obligations of the City and in its best interest, the City of Renton requires a regular levy in the
amount of $31,800,000, which includes an increase in property tax revenue from the following
sources: a) no increase from the previous year (zero percent (0%) increase), b) amounts
resulting from the addition of new construction and improvements to property, c) any increase
in the value of state-assessed property, and d) amounts authorized by law as a result of any
annexations that have occurred and refunds made;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DOES
ORDAIN AS FOLLOWS:
SECTION I. The regular property tax levy is hereby authorized for the 2010 levy in the
amount of $31,800,000.
This includes revenue resulting from the following sources: a) a base levy at the same
level as the previous year with zero percent (0%) increase, b) amounts resulting from the
addition of new construction and improvements to property, c) any increase in the value of
ORDINANCE NO. 5507
state-assessed property, and d) amounts authorized by law as a result of any annexations that
have occurred, and e) refunds or omits made.
SECTION II. The regular property tax level is limited by law to the lower of one
percent (1%) or inflation, with inflation measured by the "implicit price deflator" (IPD). The IPD
is currently negative. However, after a finding of substantial need, which has been made by
separate legislation, the regular property tax levy may be increased up to one percent (1%). By
Section I above, based upon substantial need, the regular property tax levy has been set at zero
percent (0%) increase. By separate finding of substantial need, the additional one percent (1%)
of the regular property tax levy permitted by law is hereby "banked" to protect future levy
capacity above the rate of inflation up to the maximum allowed by law.
SECTION III. This ordinance shall be effective upon its passage, approval, and five (5)
days after publication.
PASSED BY THE CITY COUNCIL this 23rd day of November , 2009.
Bonnie I. Walton, City Clerk
APPROVED BY THE MAYOR this 23rd day of November , 2009.
Denis Law, Mayor
ORDINANCE NO. 5507
Approved as to form:
Lawrence J. Warren, City Attorney
Date of Publication: 11/27/09 (Summary)
ORD:1603:ll/12/09:scr