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<br /> <br /> STAFF REPORT <br /> <br /> <br />TO: Mayor Keis and Members of City Council <br /> <br />FROM: Chris Heineman, City Administrator <br />Brenda Malinowski, Finance Director <br /> <br />DATE: September 16, 2020 <br /> <br />RE: 2021 Preliminary Levy <br /> <br />ACTIONS TO BE CONSIDERED: <br />The Council is asked to consider motions to approve the 2021 Preliminary Levy and Budget, set a date <br />and time for the Budget Hearing, and approve the bonded indebtedness tax levy at zero. <br /> <br />BACKGROUND: <br />The City of Little Canada is required to establish a preliminary levy by September 30th. The proposed <br />levy and budget were presented at a City Council workshop on September 9th. Discussion regarding the <br />levy and budget was continued at a City Council workshop on September 23rd. <br /> <br />Taxable Values: <br />Changes in the taxable valuation have increased 10.52%. <br />Taxable Valuation 2020 2021 <br />$ Increase <br />(Decrease) <br />% <br />Increase <br />(Decrease) <br /> Real Estate $14,166,929 $15,506,834 $1,339,905 9.46% <br /> Personal Property 189,565 225,343 35,778 18.87% <br /> Subtotal $14,356,494 15,732,177 1,375,683 9.58% <br /> Fiscal Disparities <br />Contribution <br />(2,087,187) (2,053,908) 33,279 -1.59% <br /> Tax Increment (547,681) (723,441) (175,760) 32.09% <br />Taxable Valuation $11,721,626 $12,954,828 $1,233,202 10.52% <br /> <br />New construction and increased values due to remodeling are one reason for a large increase in the City’s <br />taxable valuation. Another reason for the increase is due to large valuation increases, as determined by <br />the County assessor’s office, for properties classified as apartments, industrial, and commercial. <br /> <br /> <br /> <br /> <br /> <br /> <br />