HomeMy WebLinkAboutCITYOFREXB-52-523719-1 Foregone Prop Tax FY25 Proof523719
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NOTICE OF PUBLIC HEARINGUTILIZATION OF A PORTION OF FORGONE PROPERTY TAX TO BE INCLUDED IN THE UPCOMINGBUDGET YEAR LEVYING AUTHORITYCITY OF REXBURG, IDAHOA public hearing will be held for the consideration of uti-lizing a portion of forgone property taxes in the amount of $65,703. The current foregone balance of the City of Rexburg is $92,648 and including the $65,703 in the budget for Fiscal Year 2025 would take the forgone balance down to approxi-mately $26,945. To recover foregone and increase the budget, the City is required by House Bill 354 effective on July 1, 2020, to hold a public hearing and pass a resolution in the year of the increase. If a resolution is passed, it should be provided to both the Madison County Clerk and the State Tax Commission. The foregone increase being requested may be used for either maintenance or operations or a specific capital project. The Fiscal Year 2025 use of foregone property taxes is to be uti-lized for maintenance and operations, specifically to help cover the additional expenses proposed in the budget to add Public Safety personnel. The process to utilize a portion of forgone property taxes and increase the Fiscal Year 2025 budget in-cludes a resolution with a notice published in the official news-paper. The proposed public hearing will occur at City Hall, 35 N 1st E, Rexburg, Idaho, at 6:30 pm, on July 17, 2024. All interested persons are invited to appear and show cause, if any, why such foregone utilization in the budget should or should not be adopted. Additional information is available at City Hall during the regular office hours (7:30 am to 5:30 pm Monday through Thursday or Friday 7:30 am to 12:30 pm). City Hall is accessible to persons with disabilities. Anyone desiring accommodation for disabilities related to the fee documents or to the hearing should contact City Hall, 359-3020 at least 48 hours prior to the public hearing. This Notice can be provided in a format accessible to persons with disabilities and/or persons with limited English proficiency upon request.Se le puede proveer esta notificación en un formato ac-cesible para las personas discapacidades y/o personas con conocimientos limitados del inglés a pedido.The following resolution is proposed:RESOLUTION NUMBER 2024-06A RESOLUTION OF THE CITY OF REXBURG, IDAHO, TO UTILIZE AND INCLUDE IN THE BUDGET A PORTION OF FORGONE PROPERTY TAXESWHEREAS, the City Council desires to maintain the overall quality of life experienced by its constituents; andWHEREAS, 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 no-tice 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 au-thority.PASSED BY THE CITY COUNCIL AND APPROVED BY THE MAYOR THIS 17th DAY OF JULY, 2024.CITY OF REXBURGMadison County, IdahoBy:/s/____________ Jerry L. MerrillMayorATTEST:/s/______________Deborah LovejoyCity ClerkPublished: June 25, & July 2, 2024 (SJ9140-123456)
CITY OF REXBURG PO BOX 280 REXBURG, ID 83440
BILLING DATE: ACCOUNT NO:
06/10/24 9140
AD #DESCRIPTION START STOP TIMES AMOUNT
06/25/24 07/02/24 4 $244.40PO# 243121 NOTICE OF523719
AD# 523719AD#
NOTICE OF PUBLIC HEARINGUTILIZATION OF A PORTION OF FORGONE PROPERTY TAX TO BE INCLUDED IN THE UPCOMINGBUDGET YEAR LEVYING AUTHORITYCITY OF REXBURG, IDAHO
A public hearing will be held for the consideration of uti-lizing a portion of forgone property taxes in the amount of $65,703. The current foregone balance of the City of Rexburg is $92,648 and including the $65,703 in the budget for Fiscal Year 2025 would take the forgone balance down to approxi-mately $26,945. To recover foregone and increase the budget, the City is required by House Bill 354 effective on July 1, 2020, to hold a public hearing and pass a resolution in the year of the increase. If a resolution is passed, it should be provided to both the Madison County Clerk and the State Tax Commission. The foregone increase being requested may be used for either maintenance or operations or a specific capital project. The Fiscal Year 2025 use of foregone property taxes is to be uti-lized for maintenance and operations, specifically to help cover the additional expenses proposed in the budget to add Public Safety personnel. The process to utilize a portion of forgone property taxes and increase the Fiscal Year 2025 budget in-cludes a resolution with a notice published in the official news-paper. The proposed public hearing will occur at City Hall, 35 N 1st E, Rexburg, Idaho, at 6:30 pm, on July 17, 2024. All interested persons are invited to appear and show cause, if any, why such foregone utilization in the budget should or should not be adopted. Additional information is available at City Hall during the regular office hours (7:30 am to 5:30 pm Monday through Thursday or Friday 7:30 am to 12:30 pm). City Hall is accessible to persons with disabilities. Anyone desiring accommodation for disabilities related to the fee documents or to the hearing should contact City Hall, 359-3020 at least 48 hours prior to the public hearing. This Notice can be provided in a format accessible to persons with disabilities and/or persons with limited English proficiency upon request.Se le puede proveer esta notificación en un formato ac-cesible para las personas discapacidades y/o personas con conocimientos limitados del inglés a pedido.The following resolution is proposed:RESOLUTION NUMBER 2024-06A RESOLUTION OF THE CITY OF REXBURG, IDAHO, TO UTILIZE AND INCLUDE IN THE BUDGET A PORTION OF FORGONE PROPERTY TAXESWHEREAS, the City Council desires to maintain the overall quality of life experienced by its constituents; andWHEREAS, 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 no-tice 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 au-thority.
PASSED BY THE CITY COUNCIL AND APPROVED BY THE MAYOR THIS 17th DAY OF JULY, 2024.CITY OF REXBURGMadison County, IdahoBy:/s/____________ Jerry L. MerrillMayorATTEST:/s/______________Deborah LovejoyCity ClerkPublished: June 25, & July 2, 2024 (SJ9140-123456)