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Proposed Ordinance - 7/4/2021SALT LAKE CITY ORDINANCE No. ____ of 2021 (Adopting the final rate of tax levy, including the final levy for the Library Fund, upon all real and personal property within Salt Lake City, made taxable by law for fiscal year 2021-2022) An ordinance adopting the final rate of tax levy, including the final levy for the Library Fund, upon all real and personal property within Salt Lake City made taxable by law for fiscal year 2021-2022. Be it ordained by the City Council of Salt Lake City: PREAMBLE Chapter 2, Title 59 of the Utah Code states that the governing body of each city shall, by ordinance or resolution, adopt a proposed tax levy or, if the tax rate is not more than the certified tax rate, a final tax levy on the real and personal property for various municipal purposes. Chapter 2, Title 59, of the Utah Code provides for certain notice and hearing requirements if the proposed tax rate exceeds the certified tax rate. In that event, the proposed tax rate does not become final unless approved by resolution of the City Council following such notice and public hearing. It is the intent of Salt Lake City to comply with the mandate of the Utah Legislature, but reserve in itself the power to amend the tax rates set herein to guarantee, after final appraisal figures have been determined, that it does not exceed the amount required for its governmental operations and taxing authority granted by the Legislature. It is the intent of Salt Lake City to adopt a total final tax rate for the general fund that will raise $106,568,124, including $364,464 in new growth property tax revenue. Similarly, it is the intent of Salt Lake City to adopt a final tax rate for the Library that will raise $20,979,2019 including $328,046 in new growth property tax revenue, which the City acknowledges will require a truth in taxation hearing. Further, it is the intent of the City to levy an additional tax, if necessary, to cover costs of State legislative mandates or judicial or administrative orders under Chapter 2, Title 59 of the Utah Code. SECTION 1. PURPOSE. The purpose of this ordinance is to adopt a final tax levy, which includes the amount of the final library fund tax levy previously adopted, pursuant to Chapter 2, Title 59 of the Utah Code, upon all real and personal property within Salt Lake City made taxable by law during fiscal year 2021-2022 to defray the necessary and proper expenses of Salt Lake City to maintain the government thereof and for operating and maintaining its libraries and reading rooms and to pay for costs of State legislative mandates or judicial or administrative orders under Chapter 2, Title 59 of the Utah Code. SECTION 2. FINAL TAX LEVY: 2021-2022. The City Council hereby adopts the following final levy, subject to Chapter 2, Title 59 of the Utah Code, upon all real and personal property within Salt Lake City made taxable by law, for the fiscal year of Salt Lake City beginning July 1, 2021, and ending June 30, 2022, a tax of .004076 on each dollar of taxable valuation of said property apportioned as follows: a).002854 shall be credited as revenue in the general fund, generating $88,819,132 of ongoing revenue; and b) .000014 shall be credited to the judgment levy for the general fund, a one-year adjustment generating $433,129 of one-time revenue; and c).000649 shall be credited as revenue in the special library fund, generating $20,979,219 of on-going revenue; and d) .000556 shall be credited toward repayment of General Obligation Bonds, generating $17,315,863 of on-going revenue; and e).000003 shall be credited to the judgment levy for the library fund, a one-year adjustment generating $83,5554 of one-time revenue. The City Council hereby further levies a tax to cover the costs of State legislative mandates or judicial or administrative orders under Chapter 2, Title 59 of the Utah Code as determined by the Utah State Tax Commission and the Salt Lake County Auditor’s Office. Said tax levies in this Section 2 shall be subject to Mayor approval and City Council reconsideration pursuant to § 10-3b-204 of the Utah Code. SECTION 3. CERTIFIED TO AUDITOR. The tax levies hereinabove determined and levied shall be certified by the City Recorder to the Auditor of Salt Lake County, State of Utah, pursuant to the provisions of Chapter 2, Title 59 of the Utah Code. SECTION 4. RESERVED POWER AND RIGHT TO AMEND. The City hereby expressly reserves the power and right to amend any property tax levy made herein as it may deem just, proper and appropriate under the law. SECTION 5. EFFECTIVE DATE. This Ordinance shall become effective on July 1, 2021. Passed by the City Council of Salt Lake City, Utah, this _______ day of ________________, 2021. ______________________________ CHAIRPERSON ATTEST: ______________________________ CITY RECORDER Transmitted to the Mayor on __________________________. Mayor’s Action: _____Approved. _____Vetoed. ______________________________ MAYOR ATTEST: ____________________________ CITY RECORDER (SEAL) Bill No. _______ of 2021. Published: ____________________. Salt Lake City Attorney’s Office Approved As To Form Date:____________________ By:_________________________ Katherine Lewis, City Attorney Katherine Lewis