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City taxes on a $110,000 home <br /> 1993 city taxes on a 110,000 home $232.92 <br /> ($1,480 X 15.738) <br /> 1994 city taxes on a 110,000 home $226.87 $6.05) <br /> $1,480 X 15.329) <br /> II. City revenue (property tax levy) <br /> A. Increased market values do not mean that the city gets <br /> more revenue from property taxes. The city only gets <br /> what it levies for to meet expenditures. <br /> B. The proposed city property tax levy rose by 4.59% for <br /> 1994. This was a combination of an increase in the ad <br /> valorem tax revenue and a decrease in the fiscal <br /> disparity tax revenue. <br /> C. Expiration of TIF district provides the additional <br /> $25,000 in levy. <br /> The additional 4.59% is coming from the addition of a <br /> tax increment district to the general property tax <br /> roles. The property taxes from this district <br /> previously went to pay for the general obligation bonds <br /> associated with this economic development project. <br /> III. City general fund expenditures <br /> When the council prepared the draft budget, the council <br /> carefully reviewed city expenditures for 1994 to be sure <br /> that revenues would meet the anticipated expenditures to <br /> maintain the current level of service in the city. <br /> ATTACHMENTS: <br /> A Revenue /Expenditures for 1994 General Fund <br /> ACTION REQUESTED: <br /> Staff update. Ask questions and discuss as desired. <br /> C hey <br />