12/04/2000 Council Minutes - Laserfiche WebLink

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TRUTH IN TAXATION HEARING DECEMBER 4, 2000 CITY OF LINO LAKES MINUTES DATE: December 4, 2000 TIME STARTED: 6:05 P.M. TIME ENDED: 6:50 P.M. MEMBERS PRESENT: Bergeson, Carlson, Dahl, O'Donnell, Reinert MEMBERS ABSENT: None Staff members present: City Administrator Linda Waite Smith; Finance Director Al Rolek FINANCE DIRECTOR PRESENTATION Rolek distributed and explained a packet of information, beginning with a calendar of events and activities involved in budget presentation. Next Rolek explained that the proposed General Fund Budget for 2001 is $6,047,866 compared with a 2000 General Fund Budget of $5,563,672. Then he reviewed proposed General Fund Revenues, which are projected to increase 8.70%, from $5,563,672 in 2000 to $6,047,866 in 2001. He explained the sources of revenue and the percentage of the budget they represent: Property taxes — 68.65%; fees for licenses and permits —11.93%; intergovernmental aid and grants — 6.11%; charges for services — 4.02%; fines and forfeitures —1.65%; investment income —1.49%; and miscellaneous sources — 6.15%. Next Rolek reviewed proposed General Fund Expenditures, which are equal to proposed revenues. He categorized expenditures into four broad categories: Public Safety — 37.80%; Pubic Services — 31.86%; Administration — 16.67%; Community Development — 13.67%. Rolek then explained that the City of Lino Lakes receives about 28% of each property tax dollar paid by a Lino Lakes taxpayer. The Centennial (or other) School District receives 45%, Anoka County receives 22% and other taxing jurisdictions such as the Rice Creek Watershed District receive the remaining 5%. He then explained how the City's tax rate is calculated. He reviewed the history of the tax rate in Lino Lakes and noted it has remained constant since1999. The same rate raises more revenue, however, because the property valuation in the City increases each year. He noted the impact of the tax rate on properties valued from $100,000 to $300,000.