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Winter 2019 City Hall - 3800 Laver ne Avenue Nor th - Lake Elmo, Minnesota 55042 (651) 747-3900 2019 Budget Update City Hall - 3800 Laver ne Avenue Nor th - Lake Elmo, Minnesota 55042 (651) 747-3900City Hall - 3880 Laverne Avenue North - Lake Elmo, MN 55042 (651) 747-3900 On September 18, 2018, the City Council adopted a 2019 Preliminary General Fund Budget of $4,189,837 which is an increase of $593,236 or 16.5%. The City’s Preliminary Tax Rate was set at 22.902% which is a 2% increase over 2018. 2019 Preliminary General Fund Budget The operating budget has increased revenues of $1,000,275 over the 2018 budget. This increase is due to the increase in the property tax levy for the General Fund, building permits as the City is still in an expan- sion phase, Cable Franchise revenue as the City builds out, and two additional leases on the water tower for cell phone antennas. The operating budget for expenditures has an overall increase of $930,275. The major changes to this are an increase in Assessing Services as we are now contracting with Washington County, Keats Avenue Acceleration Lane, Sealcoating and Crack Sealing to maintain our roads, and an additional Public Works employee. Transfers have also been added to this budget for the Vehicle Replacement Fund of $610,076 to build reserves and reduce future borrowing, and transfer to debt service funds to replace revenue due to the reduction in special assessments for Old Village Phase 3. 2019 Preliminary City Property Tax Rate The tax rate is calculated using the City’s Taxable Value on property divided by the levy. The levy is made up of the General Fund property tax levy needed to balance the budget and the City’s required debt levies on its outstanding bonds. This table below shows the impact on this to various home values in the City. ...Article continues on page 2