1990 Annual Budget Adopted - Laserfiche WebLink

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MINNESOTA DEPARTMENT OF REVENUE LOCAL GOVERNMENT SERVICES DIVISION MAIL STATION 3340 SAINT PAUL, MINNESOTA 55146 -3340 PHONE: (612) 296 -5141 -990 LOCAL GOVERNMENT AID NOTICE OCTOBER 18, 1989 ',JNDER THE 1989 SPECIAL SESSION TAX LAW CLERK - TREASURER CITY HALL LINO LAKES CITY OF 1189 MAIN ST LINO LAKES MN 55014 THE 1990 LOCAL GOVERNMENT AID FOR YOUR CITY IS $ 189,407 . THE FOLLOWING IS A LISTING OF THE FACTORS USED IN THE CALCULATION OF YOUR CITY'S 1990 LOCAL GOVERNMENT AID. SEE THE ENCLOSED LETTER FOR AN EXPLANATION OF THESE FACTORS AND FOR ADDITIONAL INFORMATION CONCERNING THE DETERMINATION OF YOUR CITY'S LOCAL GOVERNMENT AID. 1. 1989 LOCAL GOVERNMENT AID: $ 331,225 2. PAYABLE 1989 PROPERTY TAX LEVY: $ 1,146,874 3. CITY REVENUE (1 + 2): $ 1,478,099 4. 1988 HOUSEHOLD ESTIMATE: 2,276 5. BASE 10 LOGARITHM OF HOUSEHOLD ESTIMATE: 3.357172 6. BASE REVENUE GUARANTEE ($160 + $150 X (LINE 5 - NUMERAL 1) ): $ 514 7. 1985 POPULATION ESTIMATE: 6,320 8. 1988 POPULATION ESTIMATE: 7,600 9. REVENUE GUARANTEE INCREASE FOR FIRST CLASS AND NON -METRO CITIES: $ 0 10. REVENUE GUARANTEE INCREASE FOR POPULATION DECLINE FROM 1985 - 1988 (6 X 15X): $ 0 11. TOTAL REVENUE GUARANTEE INCREASE (9 + 10): $ 0 12. CITY REVENUE GUARANTEE ( (6 + 11) X 4 X 104X): $ 1,216,659 x•113. 1988 EQUALIZED NET TAX CAPACITY USING THE PERCENTAGES IN THE 1988 STATUTES: $ 4,585,022 14. PAYABLE 1989 FISCAL DISPARITIES DISTRIBUTION LEVY: $ 250,613 15. CITY TAX CAPACITY ((13 X 23X) + 14): $ 1,305,168 16. CITY INITIAL AID (12 - 15): $ 0 X 17. CITY EXPENDITURE /UNLIMITED AID RATIO (3/12): 1.21 18. AID PERCENTAGE INCREASE: 2.00 X 19. FORMULA AID INCREASE (3 X 18): $ 29,562 20. PAYABLE 1989 GROSS TAX EXCLUDING DISTRIBUTION LEVY (2 - 14): $ 896,261 21. MAXIMUM'1990 LOCAL GOVERNMENT AID INCREASE (LESSER OF 16 OR 20 X 20X OR 1 X 15X): $ 0 22. 1990 LOCAL GOVERNMENT AID INCREASE (LESSER OF 19 OR 21): $ 0 23. 1990 LOCAL GOVERNMENT AID BEFORE MINIMUM (1 + 22): $ 331,225 24. MINIMUM 1990 LOCAL GOVERNMENT AID (1 X 102X): $ 337,850 25. 1990 LOCAL GOVERNMENT AID BEFORE AID ADJUSTMENT (GREATER OF 23 OR 24): $ 337,850 26. 1988 EQUALIZED NET TAX CAPACITY USING THE PERCENTAGES IN THE 1989 TAX LAW: $ 4,358,096 27. AID ADJUSTMENT AS PART OF TOTAL AID TRANSFER FROM CITIES AND TOWNS TO SCHOOL DISTRICTS (26 X 3.4X): $ 148,175 28. FINAL 1990 LOCAL GOVERNMENT AID BEFORE REDUCTION FOR STATE COSTS (25 - 27): $ 189,675 29. REDUCTION FOR STATE COSTS (28 X .00142): $ 268 30. FINAL 1990 LOCAL GOVERNMENT AID (28 - 29): $ 189,407 * CANNOT BE LESS THAN ZERO.