793 Finance/Modify Ad ValoremCITY OF YELM
ORDINANCE NO. 793
AN ORDINANCE relating to finance and modifying the amount fixed as the Ad
Valorem for the regular levy of property tax necessary to raise revenues for
essential expenditures for the City of Yelm for the fiscal year 2004.
WHEREAS, the City of Yelm conducted a duly advertised public hearing on
Wednesday, November 12, 2003 to consider a possible increase in property tax revenue for
the period of January 1 through December 31, 2004; and
WHEREAS, the Thurston County Assessor's Office provides the city with new
assessed valuations for new construction and annexations, but was unable to provide the
final number and increase for state assessed values on utilities;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF YELM, STATE OF
WASHINGTON, DOES ORDAIN AS FOLLOWS:
Section 1. For the fiscal year beginning January 1, 2004, and ending December 31,
2004, the Yelm City Council hereby establishes that the limit factor for the regular levy shall
be a 1.00% increase over the highest regular tax which could have been lawfully levied since
the 1985 collection in 1986. This legislative action applying the citizen mandated limitation to
the $686,332.33 highest value yields an additional $6,863 in revenue for 2004. Additionally,
the City will collect a banked capacity increase of $3,670. The combined $10,533 collection
is a 1.543% increase over the prior year.
Section 2. For the fiscal year beginning January 1, 2004, and ending December 31,
2004, the Yelm City Council hereby levies the prior year's tax rate of $2.8833 per thousand
dollars of assessed valuation to New Construction and added Improvement Values of
$16,255,702, as determined by the Thurston County Assessor, which yields $46,870 in taxes
for New Construction and added Improvement Values.
Section 3. The City of Yelm combined total 2004 levy including a $10,000 estimate for
unknown value increases of State Assessed Utilities is $753,736.
Section 4. The Yelm City Council's expectations of the Thurston County Auditor are that
any additional revenues from increased values of the State Assessed Utilities and any new
construction, not available at this time, will be added after the final rolls are available.
Section 5. This ordinance shall become effective five days following passage, approval
and publication as provided by law.
s 12th day of November, 2003
am'Rivas, Mayor
Authenticated: ~F - J -
Agn P. Bennick, City Clerk
PUBLISHED: Nisqually Valley News, November 21, 2003
City of Yelm Ordinance 793
ab/legal/2003