§ 66-107. Reevaluation of rates.

(a)

The rates of the local business taxes set forth in section 66-104, may be increased every odd-numbered year by a percentage not to exceed the lesser of (i) five percent, or (ii) the percentage increase in the Consumer Price Index or its successor index, during the two calendar years prior to the year in which the proposed increase will become effective.

(b)

At the first regularly scheduled city commission meeting in March of every odd-number year, the city manager shall present a report to the city commission which sets forth the total receipts by classification and the total local business tax fees for the prior fiscal year and which contains a recommendation for increases, if any, to the rates for the local business tax established by this article. Unless otherwise directed by the city commission, the city manager shall, at the second meeting in March of that year, present to the city commission for first reading an ordinance which increases the local business tax established by this article in accordance with the recommendations contained in such report and as otherwise provided in this section. However, the increases set forth in such report and ordinance shall not exceed the maximum increases set forth in subsection (a) of this section. Any such ordinance shall have an effective date of August 1 of the year of adoption.

(Ord. No. 06-54, § I, 1-11-07)