[Council Communication]  [Attachments]

Council Communication

Title:	An Emergency Ordinance Levying Taxes for the Period of July 1, 2004 to and including June 30, 2005 and Repealing Ordinance 2910.
Dept:	Finance Department
Date:	July 20, 2004
Submitted By:	Lee Tuneberg, Finance Director
Approved By:	Gino Grimaldi, City Administrator

Synopsis:	The original ordinance (2910) levying taxes for the period of July 1, 2004 to and including June 30, 2005 was read for the first time June 1 and the second time June 15, 2004. It established such taxes in the sum of $8,483,000 upon all the real and personal property subject to assessment and levy within the corporate limits of the City of Ashland, Jackson County, Oregon. The levy consists of three parts: (1) a permanent rate supporting the General and Parks Funds of $3.5647, totaling $5,696,000 (2) a local option levy supporting Ashland Youth Activities Fund at a rate of $1.3800, totaling $2,205,000, and (3) four bonded debt levies totaling $582,000 with a combined rate of $0.3642. Subsequent to that action staff determined that the 1992 Water Bonds have been fully retired and no levy is necessary to pay for debt service in FY 2004-05. This results in a reduction in total taxes of $84,000. An extension has been obtained from the county awaiting this correction. As an emergency ordinance with both readings occurring in the same night it is necessary that this ordinance be approved unanimously.
Recommendation:	Staff recommends approval of the attached Ordinance.
Fiscal Impact:	Enables the City to levy a property tax rate and receive revenue as authorized by the Budget Committee and reduces the amount of property tax authorized for debt service by $84,000 from $582,000 to the appropriate amount of $498,000.
Background:	This correction is necessary to make the forms necessary for the County to levy the taxes to be in agreement with those approved by council. Please note this action by council will lower property taxes.
Attachments:	•   Proposed Ordinance •   Ordinance 2910

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