My WebLink
|
Help
|
About
|
Sign Out
Home
Search
06-09-14 Council Packet
LinoLakes
>
City Council
>
City Council Meeting Packets
>
1982-2020
>
2014
>
06-09-14 Council Packet
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
1/14/2015 2:43:54 PM
Creation date
10/16/2014 1:05:13 PM
Metadata
Fields
Template:
City Council
Council Document Type
Council Packet
Meeting Date
06/09/2014
Council Meeting Type
Regular
Jump to thumbnail
< previous set
next set >
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
265
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
CITY OF LINO LAKES, MINNESOTA <br />MANAGEMENT'S DISCUSSION AND ANALYSIS <br />DECEMBER 31, 2013 <br />ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES <br />The unemployment rate for the City of Lino Lakes at year-end is 4.5%, which is a great improvement <br />from a rate of 5.6% a year ago. This is slightly lower than the state's average unemployment rate of <br />4.6% and significantly lower than the national average of 6.5% at the end of 2013. <br />Residential growth in the City has continued to be significantly below the rates of the mid 2000's due <br />to the general residential real estate market weakness, with about one-third the number of new home <br />permits issued in 2013 as in 2007, and less than 84% of new home permits issued in 2005. This is an <br />improvement over recent years. Recently increased building and development activities are signalling <br />the beginning of a recovery of the housing market. Property values of the existing tax base are <br />expected to firm will continue to have an impact on the City's tax base for 2014. <br />Energy costs are expected to continue to increase over the coming months. This will have an impact <br />on the City's budget for the coming year and thereafter. <br />Property tax reforms and State budget deficits have significantly impacted state aid payments the City <br />of Lino Lakes receives. Local government aid and market value homestead credit was reduced to <br />zero for 2003 and 2004-2011. The City is exempted from local government aid and the state <br />legislature has discontinued the market value homestead credit in favor of a new market value <br />exclusion, which excludes a portion of residential homestead property value from property taxes. <br />The Federal Reserve Board has continued the federal funds rates at historical lows, currently to <br />between 0.00% — 0.25%, which is expected to result in sizable decreases in the City's investment <br />earnings. <br />REQUESTS FOR INFORMATION <br />This financial report is designed to provide a general overview of the City of Lino Lakes' finances for all of <br />those with an interest in the government's finances. Questions concerning any of the information provided <br />in this report or requests for additional financial information should be addressed to the Director of <br />Finance, City of Lino Lakes, 600 Town Center Parkway, Lino Lakes, Minnesota, 55014. <br />21 <br />
The URL can be used to link to this page
Your browser does not support the video tag.