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City staff outline state revenue trends, tax-cut proposals and several bills that could affect municipal funding
Summary
At a study session legislative update, presenters reviewed state revenue changes, debated a push to eliminate income tax, and flagged bills on transmission corridors, water planning, municipal elections and marijuana rules; no formal city actions were taken.
Mr. Rogo, legislative update presenter, briefed the Mayor and Board Commissioners on state revenue trends and a set of bills this legislative session that could affect municipal budgets and local projects.
He told the commission that statewide gross receipts were down about $79,000,000 year-over-year and that components of that change included an increase in individual income tax of $300,000,000, a corporate tax decline of $33,000,000, a sales-tax decline of $181,000,000 and a $286,000,000 drop in gross production (oil and gas) tax. He said motor-vehicle taxes were up $47,000,000 and that the state’s “rainy day” and related stabilization funds together exceed $2,000,000,000.
The figures matter because, he said, “a third of our revenue comes from income tax…another third of our revenue comes from the sales tax,” and proposals to reduce or eliminate the income tax would require choices about replacing that revenue stream.
Why it matters: The commission is weighing local capital needs…
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