Substitute 50-17 Budget- Levying Taxes and Fixing the Taxation Rate for 2018

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Substitute Bill No. 50-17 ORDINANCE NO. AN ORDINANCE OF THE CITY OF SOUTH BEND, INDIANA, LEVYING TAXES AND FIXING THE RATE OF TAXATION FOR THE PURPOSE OF RAISING REVENUE TO MEET THE NECESSARY EXPENSES OF THE CIVIL CITY OF SOUTH BEND FOR THE FISCAL YEAR ENDING DECEMBER 31, 2018 STATEMENT OF PURPOSE AND INTENT It is necessary to pass this Ordinance in order to levy taxes and fix the rate of taxation for the purpose of raising revenue to meet the necessary expenses for 2018. Originally this ordinance was filed with tax rates left blank. Estimated property tax rates have been inserted. The final property tax rates for each municipality in the State of Indiana are determined by the Department of Local Government Finance (DLGF) as part of the "1782) budget review process which, according to the state budget calendar, must be completed in February 2018. Actual property tax rates will depend on the 2017/pay 2018 assessed valuation of property in South Bend. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: SECTION I. There shall be levied upon each One Hundred Dollars of Assessed Valuation of Taxable Property of the City of South Bend, Indiana, for the fiscal year 2017 to be collected in the year 2018 the following: For CORPORATION GENERAL FUND, the sum of$3.6684 on each one hundred dollars of Taxable Property. For PARK AND RECREATION FUND,the sum of$0.8631 on each one hundred dollars of Taxable Property. For CUMULATIVE CAPITAL DEVELOPMENT FUND,the sum of$0.0405 on each one hundred dollars of Taxable Property. Total Civil City Rate$4.572