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Item No: 7C Meeting Date: September 13, 2010 Type of Business: Council Business City Administrator Review: ______ City of Mounds View Staff Report To: Honorable Mayor and City Council From: Mark Beer, Finance Director Item Title/Subject: Resolution 7667 Authorizing Certification of the Proposed General Fund Budget and Property Tax Levy for Fiscal Year 2011 State law requires that the City certify a proposed 2011 General Fund Budget and proposed 2011 property tax levy to Ramsey County by September 15, 2010. This was last discussed at the September 7, 2010 work session. The City Council directed staff to use a preliminary General Fund levy increase of 3% or $122,892, this does not off-set the expected Local Government Aid cuts anticipated of $485,000, but with expenditure reductions and use of fund balance the City can balance the 2011 budget. The base General Fund levy would be $3,402,792 and special levies for Fire Debt Service of $93,885, police personnel referendum of $196,000, PERA rate increase special levy of $39,145 for a total General Fund levy of $3,731,822. The base levy for the Street Improvement fund would be $300,000. The 2004 Improvement Bond Debt Service Fund has a special levy of $190,553. The total of all base and special levies proposed is $4,222,375, an increase of $122,982 or 3% over 2010. Sample Estimated Home Tax Impact City of Mounds View Only 3% 2010 Home 2010 2011 Home Increase Taxable City Taxable 2011 City Value Tax Value Tax Difference $ 119,921 $ 491.29 $ 113,484 481.73 $ (9.56) 149,901 614.11 141,855 602.16 (11.96) 179,881 736.94 170,226 722.59 (14.35) 186,300 763.23 176,300 748.38 (14.86) 209,861 859.76 198,597 843.02 (16.74) 239,841 982.58 226,967 963.45 (19.13) Once this amount is set, the levy can not be increased. The final levy will be adopted on or about December 13, 2010 along with the General Fund budget and the other City funds budgets. Respectfully submitted, ___________________________ Mark Beer