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ORDINANCE: O-2006-24
O-2006-25
SUBJECT: Adoption of the 2007 Annual Budget, adoption of the 2006 Revised Budget, and further establishing a mill levy for the year 2006.
ADDRESS: N/A
RECOMMENDATION: Adoption of the 2007 Annual Budget, adoption of the 2006 Revised Budget, and further establishing a mill levy for the year 2006.
FUNDING SOURCE: N/A
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The following two ordinances are submitted herewith for Council approval on the 2007 Budget.
2007 Budget. Article XII of the Lakewood City Charter requires that on or before the first day of November of each year, the City Council adopt a budget for the ensuing fiscal year, and further that the City Council make appropriations for the ensuing fiscal year by ordinance.
The ordinance as submitted identifies all available financial sources and authorized appropriations for the Annual Budget for the year 2007, as well as authorized budget revisions for the year 2006.
The 2007 Annual Budget as presented is balanced, total estimated expenditures do not exceed total of anticipated revenues and reserves, and is in conformance overall with the City Charter, Budget Policies, and State Budget Law.
Mill Levy. The Charter also requires that each year, the Council approve the levy and collection of property taxes in conformance with State law.
The second ordinance as submitted certifies the property tax mill levy for the year 2006 at 4.711 mills. These property taxes will be collected in the year 2007.
DATE OF FIRST READING: October 9, 2006
DATE OF SECOND READING: October 23, 2006
ORIGINATED BY: Larry Dorr, Director of Finance
STAFF PERSON RESPONSIBLE: Larry Dorr, Director of Finance, 303-987-7601
Cathy Barum, Budget Management Analyst, 303-987-7031
DOCUMENTS ATTACHED: Ordinance
O-2006-24
Ordinance O-2006-25
NOTE: The Proposed 2007 Budget document is on file in the City Manager's Office, the City Clerk's Office, and the Finance Department.
SUBMITTED BY:
Larry Dorr, Finance Director
REVIEWED BY:
Joni Inman, Director Mayor and City Manager's Office
Michael J. Rock, City Manager
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