HomeMy WebLinkAboutresolution.council.095-10 RESOLUTON NO.q
(SERIES OF 2010)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN,
COLORADO SETTING THE 2011 MUNICIPAL MIL LEVY RATES AND
CERTIFYING SAME TO THE BOARD OF COUNTY COMMISSIONERS FOR
PITHIN COUNTY.
WHEREAS, the City Manager, designated by Charter to prepare the budget, has
prepared and submitted to the Mayor and City Council the Annual Budget for the City of
Aspen, Colorado for the fiscal year beginning January 1, 2011 and ending December 31,
2011; and
WHEREAS, the net assessed valuation of the taxable property for the year 2010
in the City of Aspen returned by the County Assessor of Pitkin County was updated on
November 15th, 2010, is the sum of $1,686,481,340; and
WHEREAS, said mil levy is calculated to produce gross ad valorem tax proceeds
in the amount of $9,123,864 for collection year 2011; based upon the assessed valuation
as determined by the County Assessor, and
WHEREAS, voter approval on November 6, 2007 established the City's
Stormwater Fund mil levy rate at an amount not to exceed 0.650 mils upon each dollar of
assessed valuation on all taxable property within the city annually with no date of
expiration, permitting collection of property tax revenues in excess of the mil levy
limitation provided in Article X, Section 20 or the Colorado Constitution for property tax
collection in all future years beginning in 2008; and
WHEREAS, said mil levy rate is calculated to produce gross ad valorem tax
proceeds in the amount of $1,096,213 for collection year 2011; based upon the net
assessed valuation of the City of Aspen as determined by the County Assessor, and
WHEREAS, the net assessed valuation of taxable property in Aspen decreased
approximately 0.1% between 2009 and 2010 assessment years, and
WHEREAS, a temporary reduction in property tax collections is desired by the
City Council in order to reduce the tax burden on owners of taxable property within the
City of Aspen while preserving the City's ability to increase property taxes to levels
previously authorized by City of Aspen voters as described above, and
WHEREAS, C.R.S. section 39 -1 -111.5 authorizes a local government to certify a
refund in the form of a temporary property tax credit or a temporary mil levy rate
reduction, provided that the certification includes the gross mil levy, the temporary
property tax credit or temporary mil levy rate reduction expressed in mil levy equivalents,
and the net mil levy and under C.R.S. section 39- 1- 111.5(4), the Assessor shall,
concurrent with delivery of tax warrants to the Treasurer, itemize duly certified
temporary property tax credits or temporary mil levy rate reductions in the manner set
forth in C.R.S. section 39- 1- 111.5(2), and under C.R.S. section 39- 1- 111.5(5) the tax
statements shall indicate by footnote which local government mil levies reflect a
temporary property tax credit or temporary mil levy rate reduction for the purpose of
effecting a refund.
SECTION 1
NOW, THEREFORE, BE IT RESOLVED THAT THE CITY COUNCIL OF
THE CITY OF ASPEN, Colorado for the purpose of balancing the 2011 budget, and
providing a reasonable closing fund balance for said fiscal year, levies the following
taxes upon each dollar of the total valuation for assessment of all taxable property within
the City of Aspen for the year 2010; that a temporary mil levy rate reduction is
authorized; and that the individual mil levies are expressed in terms of the gross mil levy,
the temporary mil levy rate reduction shown in mil levy equivalents, and the net mil levy
as shown below, which includes a temporary credit of 2.124 for the General Property Tax
mil levy and a temporary credit of 0.123 for the Stormwater Fund mil levy:
2011 Temporary 2011 Mill
2011 Tax Rate Credit Lew Rate
General Property Tax 5.410 2.124 3.286
Stormwater Fund 0.650 0.123 0.527
Total 6.060 2.247 3.813
2010 Assessed Updated Mill Lew 2011
Valuation Rate Property Tax
General Fund 51,686,481,340 1.808 $3,049,158
Asset Management Fund $1,686,481,340 1.478 52,492,619
Total General Mill Levy 3.286 $5,541,778
Total Stormwater Mill Levy 51,686,481,340 0.527 $888,776
Refund /Abatements $1,686,481,340 0.041 $69,146
Total 2011 Property Tax 3.854 $6,499,699
SECTION 2
The City Clerk is hereby directed to certify and deliver this Resolution to the Board of
County Commissioners for Pitkin County on or before December 15, 2010.
ADOPTED THIS 22, day of November 2010
l /
Michael eJ f and, May
I, KATHRYN KOCH, duly appointed and acting City Clerk of the City of Aspen,
Colorado, do hereby certify that the foregoing is a true and correct copy of the Resolution
adopted by the City Council at its meeting held on November 22, 2010, which Resolution
was adopted subsequent to public hearings on the City of Aspen's 2011 Proposed
Municipal Budget and prior to the final day established by law for the certification of the
tax levy to Pitkin County, all was required by the Sections 9.8 and 9.9 of the Asp
Home Rule Charter.
t/ ��
Kathryn Kf, City Clerk