Agenda Item Title:
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Sandy City considering approval of a resolution authorizing the Metropolitan Water District of Salt Lake and Sandy to increase its property tax for Fiscal Year 2025
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Presenter:
Annalee Munsey - General Manager
John Kirkham - Board of Trustees, Vice-Chair
Don Milne - Board of Trustees
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Description/Background:
The Metropolitan Water District of Salt Lake & Sandy (MWDSLS) is a special district that provides drinking water to Salt Lake City and Sandy City. MWDSLS has identified escalating costs and capital needs for aging infrastructure projects within the system. In order to generate revenue sufficient for these capital needs their FY25 budget proposes an increase of the tax rate from .000216 to .00035 to generate revenue of $1,867,420. The District's last property tax rate increase was in 2008 which set the rate at .00035. Since 2008 the property tax rate has eroded as the values of property have increased. Currently the property tax rate is .000216. Consistent with current statute 17B-2a-608 increasing the certified tax rate requires approval by the legislative body of each municipality that appoints a member to the board of trustees. In this case both Salt Lake City and Sandy City appoint members to the Metro Water board of trustees.
Fiscal Impact:
The fiscal impact of this proposal would generate an estimated net revenue increase of $1,867,420 from Sandy City property owners.
Further action to be taken:
As Sandy City is one of two MWDSLS member cities, approval by the Salt Lake City Council is also required before MWDSLS can increase their certified tax rate. Should both member cities approve, the MWDSLS will then move through the Truth in Taxation Process.
Recommended Action and/or Suggested Motion:
Recommendation
If you wish to approve the request to increase the MWDSLS certified tax rate:
Motion to adopt resolution 24-14C.
If you wish to oppose the request to increase the MWDSLS certified tax rate:
Motion to r...
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