HomeMy WebLinkAbout2022-06 Amended Foregone Property TaxesRESOLUTION NO. Z0 Zj-- 0
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHUBBUCK,
IDAHO, RESERVING THE FORGONE AMOUNT FOR FISCAL YEAR 2023
FOR POTENTIAL USE IN SUBSEQUENT YEARS AS DESCRIBED IN IDAHO
CODE §63-802, et al.
WHEREAS, Idaho Code §50-235 empowers the city council of each city to levy taxes for
general revenue purposes; and,
WHEREAS, Idaho Code §50-1002 requires the city council of each city in the State of Idaho to
pass a budget, referred to as an annual appropriation ordinance; and,
WHEREAS, Idaho Code §63-802 sets limitations on all taxing district budget requests on the
amount of property tax revenues that can be used to fund programs and services; and,
WHEREAS, Idaho Code §63-802(1)(a) allows each taxing entity to increase property tax budget
amounts by a maximum of 3%, plus an amount calculated based on the value of both new
construction and annexation added during the previous calendar year, plus an amount for forgone
taxes; and,
WHEREAS, Idaho Code §63-802(1)(f requires that the City adopt an annual resolution to
reserve additional forgone amount in order to utilize that amount in subsequent years; and,
WHEREAS, the City has met the notice and hearing requirements in Idaho Code §63-802(1)(0
to reserve the current year's increase in the forgone amount; and,
WHEREAS, the City intends to reserve $69,571 of its current year's increase in allowable
forgone amount.
NOW, THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
CHUBBUCK, IDAHO, that $69,571 of the current year's allowable increase in its forgone amount
is reserved and included in the City's total forgone balance for potential use in subsequent years.
PASSED by the CHUBBUCK CITY COUNCIL on the 7th day of September 2022.
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