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HomeMy WebLinkAboutResolution 78-14Resolution 78 -14 RESOLUTIONACCEPTING THEAMOUNTS AND RATES AS DETERMINED BY THE BUDGET COMMISSIONAND AUTHORIZING THE NECESSARY TAX LEVIES AND CERTIFYING THEM TO THE COUNTYAUDITOR (CITY COUNCIL) OHIO REVISED CODE, SECTION 5705.34, 5705.35 The Council of the City of DUBLIN Franklin County Ohio, met in "L 441 ✓ session on the day of r r y; (Re a 2014, at the office of present: V 1 MW(? 121 ,k— f moved the adoption of the following Resolution: WHEREAS, This Council in accordance with the provisions of law has previously adopted a Tax Budget for the next succeeding fiscal year commencing January 1, 2015; and WHEREAS, The Budget Commission of Franklin County, Ohio, has certified its action thereon to this Council together with an estimate by the County Auditor of the rate of each tax necessary to be levied by this Council, and what part thereof is without, and what part within, the ten mill tax limitation; therefore, be it RESOLVED, By the Council of the City of DUBLIN Franklin County, Ohio, that the amounts and rates, as determined by the Budget Commission in its certification, be and the same are hereby accepted: and be it further RESOLVED, That there be and is hereby levied on the tax duplicate of said City the rate of each tax necessary to be levied within and without the ten mill limitation for tax year 2014 (collection year 2015) as follows: SCHEDULE A SUMMARY OFAMOUNTS REQUIRED FROM GENERAL PROPERTYAPPROVED BY THE BUDGET COMMISSION, AND COUNTYAVDITOR'S ESTIMATED TAX RATES Amount to be Amount Approved Derived from by Budget Levies Outside Commission 10 Mill Inside 10 Mill FUND Lim itation Limitation $679,91606 0.35 Parkland Acquisition General Fund Charter Bond Retirement Bond Retirement Charter Police Pension Police Operating Fire Pension Fire Operating Police/Fire Pension Capital Improvement Charter Road & Sidewalk Fund TOTAL and be it further 483,368.17 County Auditor's Estimate of Full Tax Rate to Be Levied Inside Outside 10 Mill 10 Mill Limit Limit 1.20 2, 719, 684.03 1.40 $4 3,368.17 S3,39 9,600.09 1.75 1.2 RESOLVED, That the Clerk of this Council be and is hereby directed to certify a copy of this Resolution to the County Auditor of said County. — seconded the Resolution and the roll being called upon its adoption the vote resulted as follows: A st o Cou 1 � qjzvunua 114 DUBLIN Franklin County, Ohio. Adopted the 12 2 kd day of_ _ , CERTIFICATE OF COPY ORIGINAL ON FILE The State of Ohio, Franklin County, ss. 1, _jrlY11 fPe LIQ 7 Clerk of the Council of the City of DUBLIN within and for said County, and in whose custody the Files and Records of said Council are required by the Laws of State of Ohio to be kept do hereby certify that the foregoing is taken and copied from the original S K . - 79 - 14 — Au dc4nr. document, and that the same is a true and correct copy thereof. WITNESS my signature, this.. day of 2014. A. dzt,. J er ounc DUBLIN Franklin County, Ohio . now on ,file, that the foregoing has been compared by me with said original Office of the City Manager 5200 Emerald Parkway • Dublin, OH 43017 -1090 70ty of Dublin Phone: 614 - 410 -4400 • Fax: 614 - 410 -4490 Memo To: Members of Dublin City Council From: Marsha I. Grigsby, City Manager`r•N Date: September 18, 2014 Initiated By: Angel L. Mumma, Director of Finance Re: Resolution 78 -14 — Accepting the Amounts and Rates and Authorizing Tax Levies Summary Each year, the Franklin County Budget Commission determines the amount of property taxes to be received based on the City's millage rates, both inside and outside the "10 mill limit ". The inside millage rate was established many years ago by the State, and the outside millage is based on the 1976 levy for police operations. As Council is aware, the property tax revenues from the City's inside millage (1.75 mills) was allocated 100% to the Parkland Acquisition Fund from 2001— 2006. During that period of time, approximately $16.2 million in revenue was received. From 2007 — 2009, the City allocated .95 mills of the 1.75 mills to the Parkland Acquisition Fund and allocated the remaining .80 mills to the Capital Improvements Tax Fund. Since the approval of the 2010 — 2014 CIP (including the recently approved 2015 — 2019 CIP), Council has approved allocating .35 mills to the Parkland Acquisition Fund and 1.40 mills to the Capital Improvements Tax Fund. This allocation provides flexibility as to how the revenues generated can be used. City Council, of course, has the ability to revise annually how that millage is allocated and reviews that allocation as part of the both the operating budget and CIP process. In 2015, it is estimated that approximately $2,720,000 in property tax revenue from the inside millage will be credited to the Capital Improvements Tax Fund and approximately $680,000 to the Parkland Acquisition Fund. The fund balance in the Parkland Acquisition Fund at the end of 2014 is estimated to be $190,000. Furthermore, the outside millage that is credited to the Safety Fund for Police operations is estimated to generate approximately $483,500. The effective rate for the Police operating levy for tax year 2013 (collected in 2014) is .203894 for residential /agricultural property and .320804 for commercial /industrial property. This translates into approximately $7.14 per $100,000 in value on residential /agricultural property and $11.23 per $100,000 in value on commercial /industrial property. The adoption of this Resolution is required by Section 5705.34 of the Ohio Revised Code. The adopted Resolution is to be filed with the Budget Commission on or before October 1. Recommendation Staff is recommending adoption of Resolution 78 -14 at the September 22, 2014 City Council meeting.