20-2225 Forgone amount for fiscal year 2021 for potential use by the City in subsequent years Idaho Code 63-802 Item#8.
CITY OF MERIDIAN RESOLUTION NO. 20-2225
BY THE CITY COUNCIL: BERNT, BORTON, CAVENER,
HOAGLUN, PERREAULT, STRADER
A RESOLUTION RESERVING THE FORGONE AMOUNT FOR FISCAL YEAR 2021 FOR
POTENTIAL USE BY THE CITY OF MERIDIAN IN SUBSEQUENT YEARS AS
DESCRIBED IN IDAHO CODE § 63-802, et seq.; AND PROVIDING AN EFFECTIVE DATE.
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 $1,091,204 of its current year's increase in allowable
forgone amount.
NOW, THEREFORE,BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF MERIDIAN, IDAHO:
That $1,091,204 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.
ADOPTED by the City Council of the City of Meridian, Idaho, this 1"day of September, 2020.
APPROVED by the Mayor of the City of Meridian, Idaho, this lst day of September, 2020.
APPROVED: ATTEST:
Robert E. Simison, Mayor Chris Johnson, City Clerk
RESOLUTION RESERVING FOREGONE TAX REVENUES FOR FUTURE USE PAGE 1