HomeMy WebLinkAboutResolution 2024-06 for Use of Foregone tax levying authority in FY25 BudgetRESOLUTION NUMBER 2024-06
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 2025 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.
WHEREAS, 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 17, 2024, that
$65,703 of forgone property tax will be utilized and added to the Fiscal Year 2025 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 17th DAY OF JULY, 2024.
CITY OF REXBURG
Madison County, Idaho
By _________________________________
Jerry L. Merrill, Mayor
ATTEST:
____________________________________
Deborah Lovejoy, City Clerk