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BUSINESS TAX RATE CHANGES 2017
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MEMORANDUM <br />Finance Department <br />DATE: 10/02/2017 <br />TO: COLLEEN NICOL, CITY CLERK <br />FROM: CINDY BUECHTER, BUSINESS TAX SUPERVISOR <br />RE: BUSINESS TAX RATE CHANGES, NEW BUSINESS TAX CEILING AND ADDITIONAL <br />FEES, DEPOSITS AND CHARGES IN ACCORDANCE WITH CHAPTER 5.04.330 OF THE <br />RIVERSIDE MUNICIPAL CODE EFFECTIVE NOVEMBER 1, 2017. <br />Please find attached the business tax rate changes, for your records, effective November <br />1, 2017, in accordance with Chapter 5.04.330 of the Riverside Municipal Code. Chapter <br />5.04.330 provides for an annual inflation/deflation adjustment of no more than 5% to <br />reflect the change in the Consumer Price Index for the previous twelve months. The <br />change in the CPI from August 2016 to August 2017 was 2.8 %. <br />Chapter 5.04.330 states "said change shall be rounded off to the nearest whole percent <br />per hundred as follows: If the remaining fraction of a per cent is forty-nine one- <br />hundredths of a percent or less such fraction shall be omitted. If the remaining fraction of <br />a percent is fifty one - hundredths of a percent or more, the next highest percent shall be <br />applied ". Therefore, based on a CPI of 2.8 %, all business tax rates have been updated by <br />3 %. <br />All base tax rates are rounded off to the nearest twenty -five cents, each multiple of gross <br />receipts tax rates are rounded to the nearest one -cent, and all additional tax rate multiples <br />are rounded to the nearest dollar. <br />In addition to rate changes, the Municipal Code provides for an annual adjustment to the <br />business tax ceiling and all fees, deposits and charges of no more than 5% to reflect the <br />change in the CPI for the previous twelve months. Therefore, based on a CPI of 2.8 %, all <br />fees, deposits and charges have been updated by 3 %. <br />attachments <br />
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