Agenda Packets - 1999/12/13 - Laserfiche WebLink

Home Browse Search

Mounds View City Council December 6, 1999 Truth in Taxation Hearing Page 4 Finance Director Kessel stated there are no significant changes proposed in the charges or service levels of Recycling, and Surface Water, and no proposed changes in terms of the service levels at Lakeside Park. Finance Director Kessel stated there were no proposed changes in recreational programming service levels in 2000. He explained that the City will continue to market the Community Center, with the goal of making it self supporting within the next several years. He indicated there were no proposed changes to the Economic Development Fund from 1999. Finance Director Kessel stated the City's liability in terms of the Debt Service to the fires bonds is decreasing due to fewer fire-calls in Mounds View, as well as the growth in the City of Blaine and the refinancing of debt. He explained these were being paid for through a special levy to the property taxes. Finance Director Kessel indicated that the City is making principal payments on the Tax Increment bonds, at approximately one million dollars a year, and the bonds will all be paid in the year 2005. He advised there is approximately 2.3 million dollars net, outstanding in Water Bonds. He pointed out that one of the bond issues was refinanced in 1996, however, the call date is not until next year, therefore, next year the City will pay off the original bonds, and continue to pay off the remaining debt until the year 2013. Finance Director Kessel stated there was $3,090,000 debt issued for the golf course in 1999. He explained that the first principal payment on this amount is due January 1,2000, and the last payment is due January 1, 2014. He explained that golf course fees will be utilized to pay all golf course expenses, and staff is currently researching a possible City loan, to be used to correct some of the construction problems at the golf course. He advised that such a loan would be repaid to the City with interest. Finance Director Kessel stated the total preliminary tax rate for Mounds View residents, including City, County and School District taxes, will decrease by approximately 4 percent in the year 2000. 2. Questions from the public on the Proposed Year 2000 Budget. Mayor Coughlin requested Finance Director Kessel provide an overview of the recent adjustments to the 2000 budget. Finance Director Kessel stated the following changes were not included in the previous presentation, however, they have been discussed at previous Council Meetings. Finance Director Kessel stated the Council has discussed the addition of$5,000 to the General Fund budget for the purpose of conducting a Community Survey. He indicated at present, there is nothing in the budget for airport litigation, and staff has set aside $10,000 for this purpose. He