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09-11-2019 Workshop & Council Packet
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09-11-2019 Workshop & Council Packet
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<br />Property Taxes <br />The State has granted local municipalities with the authority to levy taxes in order to fund <br />operations and debt payments. For the City of Little Canada, the property tax levy accounts for <br />approximately 75% of the General Fund revenues. <br />Per the City’s Financial Policy, “the total sum appropriated for the General Fund shall be less <br />than the total revenue by a safe margin”. It is the policy of the City that this “safe margin” will <br />allow for property tax collections of 97.5% in any given year”. The 2020 Budget continues to <br />include this 97.5% collection rate. During the last ten years, 2009 was the only year that <br />property tax collections were less than the 97.5% collection rate <br /> <br /> <br />The following shows a historical perspective of the City’s property tax gross levy: <br /> <br /> <br /> <br /> DRAFT DOCUMENT 4
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