Agenda Packets - 1993/08/02 - Laserfiche WebLink

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STAFF REPORT PAGE THREE JULY 29, 1993 in property taxes presented in the worksheet is in addition to that 5% increase. • The present 1994 General Fund Revenue Estimate includes $50, 312 of franchise fees to finance the golf course superintendent position. Any increase in franchise fees presented in the worksheet is in addition to that amount. The first option uses $100,000 of additional franchise fees and $69, 037 (3 . 9%) of additional property taxes to balance the Budget. Under this option the total property tax levy would increase by 8.9%. The estimated 1994 property tax rate would be 25.575%. That rate is 4.5180% greater than the 1994 rate of 21.057%. The City's portion of 1994 property taxes on the average home($84, 000) would increase by $53.25. The estimated taxes on homes of other values are contained in the attachment entitled " Tax Comparison on Selected Residential Homestead Properties". The second option uses $75, 000 of additional franchise fees, $87, 683 (5. 0%) of additional property taxes, and $6,354 of Revenue Enhancements/Expenditure Adjustments to balance the Budget. Under this option the total property tax levy would increase by 10. 0%. The estimated 1994 property tax rate would be 26. 014%. That rate is 4.957% greater than the 1994 rate of 21. 057%. The City's portion of 1994 property taxes on the average home($84,000) would increase by $57. 64. The estimated taxes on homes of other values are contained in the attachment entitled " Tax Comparison on Selected Residential Homestead Properties". The third option uses $50, 000 of additional franchise fees, $87, 683 (5. 0%) of additional property taxes (maximum overall levy increase of 10% reached in previous option) , and $31,534 of Revenue Enhancements/Expenditure Adjustments to balance the Budget. Under this option the total property tax levy would increase by 10. 0%. The estimated 1994 property tax rate would be 26. 014%. That rate is 4.957% greater than the 1994 rate of 21. 057%. The City's portion of 1994 property taxes on the average home($84, 000) would increase by $57. 64. The estimated taxes on homes of other values are contained in the attachment entitled " Tax Comparison on Selected Residential Homestead Properties" . There are numerous other combinations which could be used to balance the budget. The above options do, however, present an overview of the impact of using varying levels of franchise fees, property taxes, and revenue enhancements/expenditure adjustments to balance the Budget. Staff will be present at the August 2, 1993 Budget Work Session to discuss these and other options.