HomeMy WebLinkAboutResolution No 2023 - 09 FY24 Foregone TaxInstrument # 467116
REXBURG, MADISON, IDAHO
7-5-2023 02:55:19 PM No. of Pages: 1
Recorded for: CITY OF REXBURG
KIM H. MUIR Fee: 0.00
Ex-Officio Recorder Deputy ,-A
RESOLUTION NUMBER 2023-09
A RESOLUTION OF THE CITY OF REXBURG, IDAHO, TO UTILIZE AND INCLUDE IN
THE BUDGET A PORTION OF FORGONE PROPERTY TAXES
WHEREAS, the City Council desires to maintain the overall quality of life experienced by its
constituents; and
WHEREAS, the City Council desires to utilize in the Fiscal Year 2024 budget a portion of
forgone property taxes in the amount of $65,703 to cover the cost of the services provided by the
City. The City will utilize the increase in the budget from utilizing a portion of foregone property
tax for maintenance and operations, specifically to help cover the additional expenses proposed
in the budget to add Public Safety personnel.
WHERAS, the City Council has provided the required notice and held a public hearing regarding
increasing the budget to use a portion of the forgone property tax.
NOW THEREFORE, be it resolved by the Mayor and the Council of the City of Rexburg,
effective July 5, 2023, that $65,703 of forgone property tax will be utilized and added to the
Fiscal Year 2024 budget through its property tax levying authority.
The City is 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 5th DAY OF JULY,
2023.
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Madison County, Idaho
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ATTEST:
Deborah Lovejoy, City Clerk