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Show Bouniul's Mill Levy Reduced B GARY R. BLODGETT BOUNTIFUL The city's general fund mill levy was reduced re-duced by nearly one-half mill by a unanimous vote of the city council during a regularly scheduled council meeting Monday morning CITY MANAGER Tom Hardy said the 7 a.m. meeting Monday was called so that council action could be taken and the city recorder could get the necessary information and figures to the county recorder before the deadline of 5 p.m. Monday. He said the council action Monday morning did not need ratification on Wednesday night during the regularly scheduled council meeting. THE COUNCIL accepted a proposal of 10.37 mills for the 1981-82 fiscal year. This is a .44 mill reduction from the 1980-81 fiscal year of 10.81 mills. The mill lew was set to raise funds for $952,769 or about 23.5 percent of the city's total general fund budget of $4,071,198. explained City Recorder Re-corder Arden Jenson. IN MAKING the mill levy presentation to the council. Mr. Hardy said the mill levy reduction was possible because be-cause of a "substantial increase" in-crease" in the city's assessed property valuation this year over last ear. He noted that the city's assessed valuation is $100,688,617. compared to 87.279.870 last fiscal year. This represents about a 15 percent per-cent increase in one year. "WE DIDN'T have any large annexations, but there were a number of reassessments reassess-ments of existing properties to bring them up to the 20 percent valuation that is required by the state." said Mr. Jenson. "This made up most of the difference." dif-ference." He explained that although the city's gross valuation exceeds ex-ceeds $100 million, the net valuation is only about $92 million mil-lion because property under redevelopment is excluded and the county bases its "collectable "col-lectable income" on only about ab-out 95.56 percent of the total assessed valuation. THE CITY manager noted that because cities and other taxable entities can not collect more than 106 percent of the total dollars collected last fiscal fis-cal year, it is necessary that the mill levy be kept at a proportionate propor-tionate level. Bountiful could have collected col-lected 11.01 mills this fiscal year under the 106 percent formula but city officials elected to assess the mill levy at 10.37 mills which is just enough to meet the budget figure fi-gure approved several weeks ago. |