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Mayor & City Council <br />November 19, 1993 <br />Page 2 <br />should funds be available during the course of the 1994 <br />budget year or again for our 1995 budget. <br />To further expand on the decline in our total tax capacity <br />value, it is apparent that we are experiencing greater <br />devaluation in commercial property. Based on County <br />figures used in our September calculation, our total <br />realestate value number declined from $7,365,645 to <br />$7,348,733 based on the most recent estimate provided. The <br />value in tax increment districts also rose from $215,048 to <br />$298,320. (This is a reduction from available tax capacity <br />upon which our levy is spread.) This would seem to <br />indicate that tax increment districts are causing the <br />problem. However, the increase in the TIF number should be <br />offset by the same increase in the total valuation yielding <br />no net impact. Because the total valuation did not <br />increase by the same amount as the TIF valuation, one can <br />assume we experienced an even greater decline in other <br />values outside of TIF districts. We will do further <br />research into this question. <br />The last item for your consideration was the continutation <br />of our November 15, 1993 workshop. We have previously <br />indicated that the workshop would be continued to <br />November 29, 1993. However, due to a scheduling conflict <br />with the building, we would recommend that the workshop be <br />continued to November 30, 1993. A motion addressing same <br />should be adopted. <br />JRH:kpv <br />Page 41 <br />