FOCUS AREA: Economy
Staff Contact: Jamie Robichaud / Jarrod Stewart
Subject: Public hearing to hear comments regarding the proposed City of Olathe FY 2025 Budget and exceeding the revenue neutral rate.
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Item Description:
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Public hearing, pursuant to K.S.A. 79-2929 and K.S.A. 79-2988, to hear comments regarding the proposed City of Olathe FY 2025 Budget and exceeding the revenue neutral rate.
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Summary:
During the 2021 Kansas Legislative session, Senate Bill 13, Truth in Taxation, Property Tax Transparency, was passed and signed by Governor Kelly. This legislation ended the property tax lid, established the property tax rate as revenue-neutral, established processes to exceed the revenue-neutral property tax rate, and created a new public notice and public hearing requirements.
A formal public hearing is required to allow individuals and organizations an opportunity to provide input on the proposed FY 2025 total operating budget for all funds for the City of Olathe. The FY 2025 total budget authority for all funds is $611,132,233
Pursuant to the new legislation, the City published notice in The Legal Record on August 13, 2024, and the City’s website regarding the FY 2025 budget and the governing body authorizing a levy of property taxes in support of the FY 2025 budget that requires a property tax rate exceeding the revenue neutral rate. The County also mailed out the required revenue neutral rate and public hearing notices to all property owners.
The City Council will vote to consider approval of the FY 2025 Budget, FY 2025-2029 Capital Improvement Plan (CIP), and FY 2025 fee schedule at the regular council meeting on September 3, 2024.
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Financial Impact:
The FY 2025 total budget authority for all funds is $611,132,233.
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Action Needed:
Conduct the public hearing.
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Attachment(s):
Attachment A: Notice of FY 2025 Budget Hearing