09-11-1995 CC - Laserfiche WebLink

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MY OF Agenda Section: 11.B REQUEST FOR COUNCIL CONSIDERATION Report Number: 95-1457C Report Date: 9-7-95 STAFF REPORT Council Action: DEW ❑ Special Order of Business CITY COUNCIL MEETING DATE September 11, 1995 ❑ Public Hearings ❑ Consent Agenda Council Business Item Description: Consideration of Resolution No. 4805 Certifying the 1996 Proposed Operating Budget, 1996 Proposed Property Tax Levies and Setting the Date for a Public Hearing en the Sate Pursuant to Truth in Tdxa.Llon Legislation Administrator's Review/Recommendation: - No comments to supplement this report ♦.(41a . - Comments attached. Explanation/Summary (attach supplem•• •• • • •.•: SUMMARY: Attached please find Resolution 4805 which: 1) certifies to Ramsey County the City's Proposed 1996 Property Tax Levy, and 2) sets the City's public hearing on the 1996 Budget for Wednesday November 29, 1995 at 7:00 p.m.(if a continuation of the hearing is necessary it is scheduled for Wednesday December 6, 1995 at 7:00 p.m.). The City's proposed 1996 property tax levy is 6.0% greater than the 1995 levy. The estimated effect upon the average homeowner($85,302 home) is an increase in the City's share of the property tax levy of $17.24, or 7.03%. That estimate is based upon the home's estimated market value increasing by 2.65% from 1995 to 1996 and the latest estimates of the City's aggregate net tax capacity values from the County. I have learned that the County will use updated values to prepare Truth In Taxation notices mailed to taxpayers. When those estimates become available I will recalculate the impact of the City's levy upon the average homeowner. RECOMMENDATION: Adopt Resolution No. 4805, "A Resolution Certifying The 1996 Proposed Operating Budget, 1996 Proposed Property Tax Levies, And Setting The Date For A Public Hearing On The Same." RECOMMENDATION; Donald Brager, Finance irector