| | | | | | | | | City of Independence | | AGENDA ITEM COVER SHEET |
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| | | | | | | | | BILL NO. 23-500 | Ord.No: 19427 |
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| | | | | | | | Agenda Title:
23-500 - 1R. An ordinance maintaining the rates of gross receipts taxes for all applicable utilities operating within the City and declaring an emergency. |
| | | | | | | | Recommendations:
Staff recommends approval. |
| | | | | | | | Executive Summary:
City staff recently became aware that it is necessary to opt out of a rollback of the City’s franchise fee on gross receipts for natural gas; said rollback should go into effect on March 20, 2023, which is why this Ordinance is being proposed as an emergency with an effective date of March 19, 2023. Approval of this Ordinance will maintain the City’s current franchise fee rate of 9.08% on gross receipts for natural gas. |
| | | | | | | | Background:
City staff recently became aware that it is necessary to opt out of a rollback of the City’s franchise fee on gross receipts for natural gas; said rollback should go into effect on March 20, 2023, which is why this Ordinance is being proposed as an emergency with an effective date of March 19, 2023. Approval of this Ordinance will maintain the City’s current franchise fee rate of 9.08% on gross receipts for natural gas. |
| | | | | | | | Emergency Justification:
City staff recently became aware that it is necessary to opt out of a rollback of the City’s franchise fee on gross receipts for natural gas; said rollback should go into effect on March 20, 2023, which is why this Ordinance is being proposed as an emergency with an effective date of March 19, 2023. |
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Fiscal Impact:
There will not be a fiscal impact if this Ordinance is approved, however, failure to approve is estimated to result in a negative fiscal impact of approximately $880,000 to the General Fund (the difference between the current rate of 9.08% and the rollback rate of 7%).
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| | | | | | | | | Department: Law Department | Contact Person: Jeremy Cover |
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| REVIEWERS: | | Department | Action | | City Clerk Department | Approved |
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| Council Action: | Council Action: |
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| ATTACHMENTS: | | Description | Type |  | Ordinance | Ordinance |
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