HomeMy WebLinkAboutResolution 2020 - 15 FY21 To Accrue Forgone Property Taxes/
Resolution to Accrue Forgone Property Taxes from Fiscal Year 2021
Resolution 2020 - 15
WHEREAS, the City Council desires to maintain the overall quality of life experienced by its constituents; and
WHEREAS, the City Council desires to accrue forgone property taxes in the amount of $158,351, which will allow such forgone amount to accumulate until a subsequent year when the City
may need to levy all or part of the forgone amount to cover the cost of the services provided by the City; and
WHEREAS, the City Council has provided required notice and held a public hearing in regards to the accrual of forgone property tax.
NOW THEREFORE, be it resolved by the Mayor and the Council of the City of Rexburg, effective August 19, 2020 that $158,351 forgone property tax will be accrued and may be added in part
or full to a future year through its property tax levying authority.
In order to add part or the full accrued forgone amount to a subsequent budget, The City will be required as per House Bill 474 to publish notice and hold a public hearing and adopt
a resolution stating the governing board’s intent to use the foregone levying authority, the amount of forgone revenue to be included in the tax levy for that fiscal year, and the purpose
for which the forgone revenue will be used. A copy of such resolution must be filed with the County Clerk and the Idaho Tax Commission when certifying its property tax levy to the
county using forgone levying authority.
PASSED BY THE CITY COUNCIL AND APPROVED BY THE MAYOR THIS 19th DAY OF AUGUST, 2020.
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Jerry L. Merrill, Mayor
ATTEST:
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Deborah Lovejoy, City Clerk