A bill for an act relating to local budgets and taxes by limiting the amount of reduction in the assessment of residential property, distributing state franchise tax revenues to cities and counties, providing for the creation of sales tax increment financing districts by cities, increasing the maximum rate for local hotel and motel taxes, setting a specific appropriation for and making an appropriation to the statewide fire and police retirement system, providing a basis for calculation and use of city franchise fees, and making certain city franchise fees legal, and including effective and retroactive applicability date provisions.