09-23-2020 Council Packet - Laserfiche WebLink

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2020 2021 $ Increase (Decrease) % Increase (Decrease) 2020 2021 $ Increase (Decrease) % Increase (Decrease) Gross Levy, as proposed $3,479,283 $3,572,494 Reductions to Levy (97.5% collection rate) (75,815) Gross Levy, Option Two $3,479,283 $3,496,679 $(17,396) .50% With levy option three, the City’s tax rate is proposed to decrease 9.48% from 25.773 to 23.338. Based on preliminary taxable valuation amounts from the County, the impact on this median value home in Little Canada ($293,000) will see a reduction of 3.8% in City property taxes from $684 in 2020 to $658 in 2021 (decrease of $26). Debt Service Levy: The City issued the 2014A Bonds for building the Public Works facility. These bonds contain a levy component. Since the City has been using the Water & Sewer Capital Replacement Fund to pay these bonds instead of the levy, a motion must be passed each year to waive this levy. Bond Issue Original Principal Date Issued 2021 Levy Portion per Bond Register Reduction in Levy 2021 Certified Debt Levy 2014A Bonds $3,400,000 03-11-14 $181,387.50 ($181,387.50) $0 STAFF RECOMMENDATION: 1. Motion to approve the 2021 Preliminary Levy at $____ (select one of the options proposed) and preliminary budget: i. $3,572,494 (2.68% Increase) Levy as presented at workshop. ii. $3,600,186 (3.48% Increase) Levy as presented at workshop with the addition of $27,000 election services. iii. $3,496,679 (.50 % Increase) Levy with reductions in the proposed budget of $73,920. 2. Motion to set the Budget Hearing for December 16th, 2020 at 7:30 pm 3. Motion to approve the 2021 bonded indebtedness tax levy reductions which will result in a zero bonded indebtedness tax levy for 2021.