HomeMy WebLinkAboutItem #2 Foregone Property TaxesRESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHUBBUCK,
IDAHO, DECLARING THE INTENT TO COLLECT $XXX,XXX IN
FOREGONE PROPERTY TAXES FOR FISCAL YEAR 2025 AND
DECLARING THE PURPOSE FOR WHICH THE FOREGONE PROPERTY
TAXES ARE BEING BUDGETED AS DESCRIBED IN IDAHO CODE
SECION §63-802.
WHEREAS, the City of Chubbuck intends to include ,$XXX,XXX of its accumulated balance of
$XXX,XXX in foregone property taxes in its FY2025 budget as authorized by Idaho Code
Section §63-802; and,
WHEREAS, the purpose for the levy of foregone taxes is to fund General Fund park
upgrades and Highway, Streets and Roads pavement maintenance; and
WHEREAS, the City of Chubbuck provided notice of its intention to levy foregone taxes
by publishing notice in the Idaho State Journal on July 30, 2024 and August 6, 2024; and
WHEREAS, the City Council held a public hearing concerning its intention to collect the
foregone taxes as contemplated by this resolution on August 7, 2024 in order to receive
public comment on the proposal; and
WHEREAS, the published notice and public hearing satisfied the notice and hearing
requirement in Idaho Code §63-802.
NOW, THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
CHUBBUCK, IDAHO, that $XXX,XXX be included in the property tax to be levied in FY2025.
PASSED by the CHUBBUCK CITY COUNCIL on the Xxx day of August 2024.
MAYOR
ATTEST:
CITY CLERK
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHUBBUCK,
IDAHO, RESERVING THE FORGONE AMOUNT FOR FISCAL YEAR 2025
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)(f) to reserve the current year's increase in the forgone amount; and,
WHEREAS, the City intends to reserve $XXX,XXX 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 $XXX,XXX 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 Xxx day of August 2024.
MAYOR
ATTEST:
CITY CLERK