HomeMy WebLinkAboutCC-10-21-24-01 Rate CapSponsor: Councilor(s) Green and Aasen
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RESOLUTION CC-10-21-24-01
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF CARMEL,
INDIANA, TO LIMIT THE RATE FOR TAXES PAYABLE IN 2025 AND AUTHORIZE
NECESSARY TEMPORARY BORROWING AMONG CITY FUNDS
Synopsis: A resolution finding that the City’s 2025 property tax rate should not exceed
0.7783, which is the same as the 2024 rate, and recommending how the DLGF should allocate
the 2025 property levy among City funds; and also permitting temporary borrowing among
funds during 2025.
WHEREAS, it is the policy of the City of Carmel, Indiana (“City”) to keep the City
property tax rate level for taxes payable in 2025 in comparison to 2024; and
WHEREAS, the Indiana Department of Local Government Finance (“DLGF”) has the
authority to set the final City tax rate for taxes payable in 2025; and
WHEREAS, the Common Council finds it to be in the interests of the City to levy for the
0708 Motor Vehicle Highway Fund only the amount needed to fund appropriations, leaving no
operating balance; and
WHEREAS, the Common Council finds it in the interests of the City to maintain a
positive cash balance in every City fund for cash flow purposes; and
WHEREAS, the Common Council finds that certain City funds have sufficient cash
available to deposit temporarily to the credit of other funds,
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Carmel, Hamilton County, Indiana:
Section 1. The DLGF is respectfully requested to set the total 2025 City tax rate, for all
City funds, so as not to exceed $0.7783 per $100 of assessed value.
Section 2. The DLGF is respectfully requested to set the 2025 property tax levy of the
0708 Motor Vehicle Highway Fund at a level no greater than the amount needed to fund
appropriations.
Section 3. Except as provided in Section 4, the DLGF is respectfully requested to set the
2025 property tax levies of the 0180 Debt Service Fund, the 0181 Debt Payment Fund, the 0182
Bond #2 Fund, the 0183 Bond #3 Fund, and the 0184 Bond #4 Fund, at levels needed to fund
appropriations plus operating balances to the extent allowed by law.
Section 4. After applying the maximum ad valorem property tax levy, as that term is
described at Indiana Code § 6-1.1-18.5-3, to the 0708 Motor Vehicle Highway Fund and the
0101 General Fund, as appropriate, the DLGF is respectfully requested to reduce levies, as
necessary, to eliminate operating balances in the 0180 Debt Service Fund, the 0181 Debt
Payment Fund, the 0182 Bond #2 Fund, the 0183 Bond #3 Fund, and the 0184 Bond #4 Fund, in
that order, and then to reduce the levy in the General Fund, such that the total tax levy is reduced
to a level which will result in the total City tax rate named in Section 1.
Docusign Envelope ID: B53FB292-BE7B-4480-AA1E-62876274BE7E
Prepared by Curtis L. Coonrod on October 10, 2024, as suggested language only and not as legal
advice. No subsequent revision has been reviewed by Mr. Coonrod.
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Section 5. The Common Council hereby permits borrowing among City funds in
accordance with Indiana Code § 36-1-8-4. Borrowing is permitted only when it is necessary to
enhance a fund in need of money for cash flow purposes when another fund has sufficient money
on deposit. The borrowed amount shall be returned by December 31, 2025, and may not exceed
the amount needed to fund appropriations or other lawful disbursements. Only revenues derived
from the levying and collection of property taxes or special taxes or from operation of the
political subdivision may be included in the amount transferred.
SO RESOLVED by the Common Council of the City of Carmel, Hamilton County,
Indiana, this ______ day of ________________, 2024 by a vote of ____ ayes and ____ nays.
COMMON COUNCIL FOR THE CITY OF CARMEL
__________________________________ ____________________________________
Anthony Green, President Adam Aasen, Vice-President
__________________________________ ____________________________________
Jeff Worrell Teresa Ayers
__________________________________ ____________________________________
Shannon Minnaar Anita Joshi
__________________________________ ___________________________________
Ryan Locke Matthew Snyder
__________________________________
Rich Taylor
ATTEST:
__________________________________
Jacob Quinn, Clerk
Presented by me to the Mayor of the City of Carmel, Indiana this ____ day of
_________________________ 2024, at _______ __.M.
____________________________________
Jacob Quinn, Clerk
Approved by me, Mayor of the City of Carmel, Indiana, this _____ day of
________________________ 2024, at _______ __.M.
____________________________________
Sue Finkam, Mayor
ATTEST:
__________________________________
Jacob Quinn, Clerk
Docusign Envelope ID: B53FB292-BE7B-4480-AA1E-62876274BE7E
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