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Agenda Subject:
Ordinance No. 6822 (Thomas)(10 Minutes)
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Date:
May 19, 2021
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Department:
Finance
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Attachments:
Ordinance No. 6822
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Budget Impact:
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| Administrative Recommendation: |
| For discussion only. |
| Background Summary: |
Prior to 2020, City Code assessed a 6% utility tax on its city owned utilities to go into the General Fund plus an additional 1% to be dedicated to the Arterial Street Preservation Fund. During 2020’s pandemic, Council adopted a budget amendment and corresponding Ordinance No. 6785 which amended the Utility Tax Code. This amendment diverted the 1% dedicated towards Arterial Street Preservation into the General Fund through December 31, 2020.
During the 2021/2022 biennial budget process the Council adopted a utility rate increase effective January 1, 2021 that would adjust the tax rate on city owned utilities from 6% to 10% and continue an additional 1% to Arterial Street Preservation. Inadvertently, the 1% language dedicated to Arterial Street Preservation was removed from that most recent code revision. Ordinance No. 6822 is to reinstate the 1% to Arterial Street Preservation that was mistakenly excluded in the prior ordinance.
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| Reviewed by Council Committees: |
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| Councilmember: |
Baggett |
Staff: |
Thomas |
| Meeting Date: |
May 24, 2021 |
Item Number: |
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