HomeMy WebLinkAboutOrdinance 4191 ORDINANCE NO, 4191
AN ORDINANCE LEVYING A TAX ON THE REAL AND
PERSONAL PROPERTY WITHIN THE CITY OF
FAYETTEVILLE, ARKANSAS, FOR THE YEAR 1999 FIXING
THE RATE THEREOF AT 1 .0 MILS AND CERTIFYING THE
SAME TO THE COUNTY CLERK OF WASHINGTON COUNTY,
ARKANSAS.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE,
ARKANSAS:
Section 1 . That a tax is hereby levied on the real and personal property within the City
of Fayetteville, Arkansas, for the year 1999, to be collected in 2000, for the following purposes at
the following rates: co
CO
REAL ANIS PERSONAL PROP PROPERTY
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rnm nS_Wion2. That the real and personal property tax so levied and the rates provided
cntherefo'?e a hereby certified to the Clerk of Washington County, Arkansas, to be placed in the tax
book by the County Clerk and collected in the same manner that the county and school district taxes
are collected.
S .tion The City Clerk is hereby authorized and directed to file certified copies of this
ordinance in the office of the County Recorder, County Clerk, County Assessor, and the County Tax
Collector for Washington County, Arkansas.
PASSED AND APPROVED this-,5'h day of October , 1999.
_.. APPROVED:
Ir/ ( By:
u �a t %`';' • '' J =A .'t Fr d Hanna, Mayor
r � ` {A' PT T.
�J Heather Woo uff, City Clerk
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4191
STAFF REVIEW FORM
XX AGENDA REQUEST
_ CONTRACT REVIEW
GRANT REVIEW
For the Fayetteville City Council meeting of October 5, 1999
FROM:
Stephen Davis Budget & Research Admin. Services
Name Division Department
ACTION REQUIRED : Council Action is requested to adopt real and personal property tax rates for 1999 for the Police
and Fire Pension funds. The rate to be adopted is 0.5 mils for real property and 0.5 mils for personal property. There is no
millage proposed for general government operations.
COST TO CITY:
$ N/A $ N/A
Cost of this Request Category/Project Budget Category/Prcject Name
$ N/A
Account Number Funds Used To Date Program Name
$ N/A
Project Number Remaining Balance Fund
BUD ET REVIEW: XX Budgeted Item uLi et Adjustment Attached
B t ana erAkffifinstrative Services Director
CONTRACT/GRANT/LEASE REVIEW: GRANTING AGENCY:
AccoVngv� a Date Internal Auditor Date
� yz,� s
Ci Attom Date ADA Coordinator Date
9 a \ -qct
Purchasing Officer Date
STAFF RECOMMENDATION: Staff recommends adoption of millage rates.
Divisio Head Date Cross Reference
New Item: Yes No
De artment Director �JD�ate
(� Prev Ord/Res #:
rmnistra v ervices Director Date
flM
Orig Contract Date:
Mayor Date H:\BUDGET\PROJECTS\MUlAGM99FTMIL.AGA.wpd
FAYETTEVILLE
THE CITY OF FAYETI'EVILLE, ARKANSAS
DEPARTMENTAL CORRESPONDENCE
To: Fayetteville City Council
Thru: Fred Hanna, Mayor
Kevin Crosson, Administrative Services Director
From: Budget & Resear404
Re: 1999 Millage Levy
Date: September 20, 1999
Each year the City must approve an ordinance to renew the levy of ad valorem taxes on real and
personal property within the City. This request will provide for such levy on property assessed during
1999.
The total assessed value of real and personal property located within the city limits of Fayetteville,
as of September 13, 1999, is approximately $563 million. The assessed valuation is before the
Washington County Board of Equalization has made all the changes to the County Assessors
Abstract.
A millage levy ordinance must be approved by City Council in order for the City to continue to collect
property taxes for the Fire and Police Pension Funds. The City levy will be added to the levies by
Washington County, the various school districts, improvement districts and other cities within the
County when the Washington County Quorum Court adopts its millage levy for 1999.
The millage levied by this ordinance for the Fire Pension and Relief Fund and the Police Pension fund
is 0.5 mils for real property and 0.5 mils for personal property. Any increase in millage rate for either
the Fire Pension and Relief Fund and Police Pension must be approved by the voters.
H.\BUDGET\PROJECTS\M R.I.AGE\99PTM a..MEM.wpd
City of Fayetteville
Property Tax Revenue per Mil
September 20, 1999
Milla e Approximate Revenue
0. 10 $52,000
0.20 $1039000
0.30 $155,000
0.40 $207,000
0.50 $259,000
0.60 $310,000
0.70 $362,000
0.80 $414,000
0.90 $466,000
1 .00 $5172000
The millage revenue reflected above is based on the Washington County Preliminary
Summary Report of County assessments for the Year 1999 dated September 13, 1999
and excludes real and personal property for Utilities. The current millage rate for
operations is set at 0.0 mils. The City Council can approve up to 5.0 mils for operations.
The table assumes a 95% collection rate. Total real and personal property
assessments for 1999 amount to approximately $545 million excluding real estate and
personal property for utilities.
The change in assessed value, for real estate, from 1998 to 1999 is approximately $12
million or 3.0%. The change in assessed real estate value is due to newly discovered,
newly constructed property and increases in personal property.
The following tables illustrate how each city divides its portion of the Real Estate and Personal Property Taxes.
REAL ESTATE TAXES
POLICE FIRE POLICE FIRE G.O. YOUTH
CITY GENERAL PENSION PENSION VOL VOL LIBRARY BONDS CENTER TOTAL
FAYETTEVILLE 0.0 0.5 0.5 1 .0
SPRINGDALE 5.0 0.5 0.5 0.5 6.5
FARMINGTON 5.0 5.0
ELKINS 2.3 2.3
WINSLOW 3.0 3.0
PRAIRIE GROVE 5.0 1 .0 0.5 3.0 9.5
LINCOLN 5.0 1 1 .0 0.5 6.5
GREENLAND 3.0 3.0
WEST FORK 5.0 5.0
JOHNSON 5.0 2.4
ELM SPRINGS 2.0 5.0
ONTITOWN 2.0 2.0
RFORT
SMITH 5.0 1 .0 1 .0 1 .0 0.5 8.0
ROGERS 3.0 0.5 0.5 0.9 4.9
PERSONAL PROPERTY TAXES
POLICE FIRE POLICE FIRE G.O. YOUTH
CITY GENERAL PENSION PENSION VOL VOL LIBRARY BONDS CENTER TOTAL
FAYETTEVILLE 0.0 0.5 0.5 1 .0
SPRINGDALE 5.0 0.5 0.5 0.5 6.5
FARMINGTON 5.0 5.0
ELKINS 2.3 2.3
WINSLOW 3.0 3.0
PRAIRIE GROVE 5.0 1 .0 0.5 3.0 9.5
LINCOLN 5.0 1 .0 0.5 6.5
GREENLAND 3.0 3.0
WEST FORK 5.0 5.0
JOHNSON 5.0 2.4
ELM SPRINGS 2.0 5.0
TONTITOWN 2.0 2.0
FORT SMITH 5.0 1 .0 1 .0 1 .0 0.5 8.0
ROGERS 3.0 0.5 0.5 0.9 4.9
Sent By,: , Washington Co Assessor ; 501 444 151.8 ; t Sep - 20 - 99 3 : 48PM ; Page 2 / 3
Washington County
Preliminary Summary Report of County Assessments for the Year 1999
City Totals
1988 1988 %change
Elkins 8,091 ,360 81829,812 9
Elm Springs 6,770,104 6,821 ,132 2
Farmington 21 ,457,022 23,7440586 11
Fayetteville 541 ,040,341 563,437,269 4
Goshen 5,5089377 649861005 9
Greenland 5,2101069 5,4461775 5
Johnson 13,142,249 151857,516 21
Lincoln 109230,008 10,989, 181 7
Prairie Grove 18,671 ,715 1 %311 ,879 3
Springdale 382,706,776 414,468,995 8
Tontitown 9,683,712 10,520133 9
West Fork 11 ,402,333 11 ,9341880 5
Winslow 2, 123,449 2, 113,037 (0)
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JUL-07-98 TUE 09 . 49 P, 02
r� ( ARKANSAS FIRE & POLICE PENSION REVIEW BOARD
� P.O. DRAWER 34164
LITTLE Rock. ARKANsAs 72203
TELEPHONE (501 ) 662. 1745
FA) : (501 ) 682. 7751
TO : The Board of Trustees
Police Pension and Relief Fund of FAYETT ILLE
FROM : Arkansas Fire and Police Pension Review Board
RE : 1997 Pension Fund Actuarial valuation
DATE : July 7 , 1998
In accordance with state law , the actuary under , ontract to this
office periodically tests all local fire and Pol ce pension funds for
actuarial soundness . The 1997 actuarial study of your pension fund is
attached . The financial tests for the pension f{ nd are to answer the
• following questions : I
XEaz l�
11 Is there enough annual income to the pensiop
fund to fully fund it ? (See page 4 of the
actuary ' s report . )
2 . Are there enough assets in the pension fund:
to cover all active member contributions , all
payments to current retirants , and at least'
75t of future payments earned by active
members ( See page 11 of the actuary ' s report ) ,
OR are current assets sufficient to cover 9p $
of all accrued actuarial liabilities ( See page
to of the actuary ' s report ) ?
3 . Is this pension fund considered actuarially,
sound under State law?
•
i
JUL-07-98 TUE 09 ; 50 R04
Osborn , Carreiro & Associates , Inc . One Union NaaorW Plau.SWte 16W
• AC (50124 West Capitol Avenue
TUARIES CONSULTANTS ANALYSTS ��` ROd`' 73''6 72241
(SOI )3768043
July 711998
Board of Trustees
Fayetteville Police Pension Fund
Gentlemen:
This report presents the results of our actuarial valuation of the assets and habilitis of the
Fayetteville Police Pension Fund as of December 31, 1997.
• This valuation is required by Arkansas Code Annotated 2411 -205. The purpose f this report is to
(1) evaluate the actuarial status of the Fund, (2) determine the level contributionuiremcnt needed,
(3) review the development of the Fund over the past several years, and (4) present certain actuarial
items on pages 8 and 9 for disclosure under Governmental Accounting Standards.! This report is not
intended for any other purpose.
The member and financial information used in this report was supplied by the Arkansas Fire & Police
Pension Review Board, whose cooperation is appreciated. We did not audit this information,
although we did review it for reasonableness and consistency.
!
I certify that this report has been prepared in accordance with generally accepted actuarial principles
and practices. In my opinion, the actuarial methods used are appropriate and the actuarial
assumptions produce results which, in the aggregate, are reasonable.
Sincerely,
Steve Osborn, F.S.A., M.A.A.A.
Actuary
i
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I
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JUL-07-98 TUE 09 ; 50 P. 05
I
TABLE OF CONTENTS
EXHIBIT 1 CONTRIBUTIONS
EXHIBIT 2 COST AND LIABILITIES
EXHIBIT 3 SUMMARY OF FINANCIAL INF " �RMATION
EXHIBIT 4 COMPARISON WITH PRIOR Y
RS
I
• EXHIBIT 5 SHORT CONDITION TEST
EXHIBIT 6 EMPLOYEE AND RETIREE PROFILES
EXHIBIT 7 PRINCIPLE PROVISIONS OF THE PLAN
EXHIBIT 8 ACTUARIAL METHODS AND ASSUMPTIONS
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•
JUL-07-98 TUE 09 ; 50 P, 06
EA'HTBIT l
CONTRTBUTIONS
I
The following contribution level reflects the payment of the current year Normalost for benefits
attributable to said year (see Exhibit 2) plus an amount sufficient to pay off the U funded Actuarial
Liability over a 10-year period (5-year period for any unfunded retiree liability). [ hese costs DO
NOT include the contributions due to the Local Police and Firefighters Retirement System ("LOPFT")
for persons hired after 1982.
1998 Necessary Annual Contribution to pay:
1 Normal Cost, plus $ 1321306
2 Pay off the Unfunded Actuarial
Accrued Liability (28;679)
3 Totalnecessary $ 103j 27
• Less
4 Expected Employee Contribution - 29;485
(6.00°.6 of salary)
Necessary Employer Contribution $ 74,142
(This is the amount needed in
addition to investment income)
Covered Payroll $ 491 ,422
Necessary Employer Rate 15.09%
These contributions assume that the dollar contribution grows at a rate of 4% per year. The
contributions are assumed to be made continuously throughout the year.
The actual 1997 contribution was $588,261 from the employer.
• 4
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