08-24-2022 Workshop Packet - Laserfiche WebLink

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OPERATING TAX LEVY General Fund $3,479,210 $3,890,711 $411,501 11.83% $3,900,617 $421,407 12.11% $3,915,724 $436,514 12.55% Fire Equipment 160,000 160,000 $0 0.00% 160,000 $0 0.00% 160,000 $0 0.00% Infrastructure Fund 122,200 160,000 $37,800 30.93% 160,000 $37,800 30.93%160,000 $37,800 30.93% Total $3,761,410 $4,210,711 $449,301 11.95%$4,220,617 $459,207 12.21%$4,235,724 $474,314 12.61% 2023 Proposed Gross Levy Compared with 2022 2.5% COLA 3.38% COLA 4.70% COLA2022 Certified Levy 2023 Levy $ Change % Change 2023 Levy $ Change Fund % Change 2023 Levy $ Change % Change The 2022 Certified levy was an increase of 5% from 2021. As noted above a COLA of 2.5% would result in an 11.95% levy increase, a COLA of 3.38% will result in an 12.21% levy increase and a COLA of 4.70% will result in an 12.61% levy increase. Please note that the levy for the Infrastructure Fund (Fund 400) has been increased from $122,200 in 2022 to $160,000 in 2023. This proposed increase would match levy for the Fire Equipment Fund (Fund 457) and begin to address future capital expenditure needs. For your information, to change the levy by approximately 1%, a change in the operating budget will need to be made in the amount of approximately $40,000. TAX CAPACITY RATES General Fund 23.634 23.546 (0.09)‐0.37% 23.614 (0.02)‐0.08% 23.718 0.08 0.36% Fire Equipment 1.087 0.968 (0.12)‐10.91% 0.969 (0.12)‐10.88% 0.969 (0.12)‐10.83% Infrastructure Fund 0.830 0.968 0.14 16.65% 0.969 0.14 16.69% 0.969 0.14 16.75% Total 25.551 25.483 (0.07)‐0.27%25.551 0.00 0.00%25.656 0.11 0.41% 2023 Proposed Tax Capacity Rates Commpared with 2022 2022 Rate 2.5% COLA 3.38% COLA 4.70% COLA 2023 Rate $ Change % Change 2023 Rate $ Change % Change 2023 Rate $ Change % Change Fund The 2022 Tax Rate was a 6.54& increase from 2021. The Ramsey County Finance Division provided preliminary values for Tax Capacity and Fiscal Disparities on Friday, August 18. These numbers were used to calculate the Tax Capacity Rates noted in the above table. Additional information including the valuation of Little Canada’s Tax Increment Finance (TIF) districts is expected to be finalized and provided by the end of August or early September. City staff does not expect large differences from the information presented above once the final values are provided.