09-07-1994 WS - Laserfiche WebLink

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Revenues - 7/14/94 $3,487,054 franchise fees 100,000 transfer, vehicle & equipment fund 67,753 transfer, tax increments 3,521 property tax increase 26,352 Revenues - 7/18/94 $3,439,227 Expenditures - 7/14/94 $3,487,054 seasonal worker, streets (4,575) maintenance worker, parks (36,752) N.W. Youth Services 1,000 North Metro Mayors Assn (7,500) Expenditures - 7/18/94 $3,439,227 That General Fund property tax levy increase is 6.8% more than the 1994 General Fund levy. I received notice from the City of Blaine that we may reduce the scheduled property tax levy for repayment of the fire bonds from $100,417 to $94,596 for 1995. This reduction of$5,821 is attributable to a change in the cost allocation formula of the participating cities. Overall the proposed property tax levy for 1995 would increase by 5.9%. Owners of single family residential property would see increases in their tax bills of between 6.86% and 8.99%, depending upon the market value of their property. Subsequent to the July 18, 1994 Budget Work Session several items have modified the 1994 General Fund Budget: • The City has received notification from the Mn Dep't. of Revenue that the City's 1995 Homestead Credit will increase by $8,724 in 1995. Since the previous revenue estimate had shown a decrease in 1995 Homestead Credit of$18,337, this represents an increase in estimated revenues of$27,061 over the previous estimate. • The City has received notification from the Mn Dep't. of Revenue that Local Government Aid(LGA) will increase by $17,363 in 1995. Since the previous revenue estimate has shown a decrease in 1995 LGA of $17,000, this represents an increase in estimated revenues of$34,673 over the previous estimate. • Chief Ramacher received an estimate of 1995 police dispatching costs that is$3,978 lower than the previous estimate he had. These changes could allow the City to stay within its earlier goal of a 5% property tax levy increase for 1995. If the City had a 5% property tax levy increase for 1995, expenditures could be increased by $39,360. These changes are listed below.