Home
Clerk
>
General Communications
>
2008
>
BUSINESS TAX RATE CHANGES
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
4/21/2009 5:10:18 PM
Creation date
4/16/2009 9:42:24 AM
Metadata
Fields
Template:
General
Department
City Clerk
General - Type
Misc
General 2 - Date
9/29/2008
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
12
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
MEMORANDUM <br />City Manager <br />DATE: 09/29/2008 <br />R E C E I V Fa <br />OCT o i 2008 RECEIVED <br />Cbj <br />O C T 0 7 2008 <br />TO: COLLEEN NICOL, CITY CLERK <br />FROM: TOM GEHRKEN, BUSINESS TAX/COLLECTIONS 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, 2008. <br />Chapter 5.04.330 of the Riverside Municipal Code provides for an annual adjustment of <br />no more than 5% to reflect the change in the Consumer Price Index for the previous <br />twelve months. The change in the CPI from August 2007 to August 2008 was 5. I <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 change of 5.1% all business tax rates have been <br />adjusted upward 5%. <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. Accordingly, the business tax ceiling, <br />all fees, deposits and charges have been updated by 5%. <br />cc: Scott Catlett, Financial Resources Manager <br />attachments <br />
The URL can be used to link to this page
Your browser does not support the video tag.