Agenda Packets - 1993/09/13 - Laserfiche WebLink

Home Browse Search

Agenda Section: 10-C I., REQUEST FOR COUNCIL CONSIDERATION Repoli Number. 91-619C s• Report Dace: 9-8-97 ST F'F REPORT Council Acton: MY Cl Special Order of Business Se tember 13, 1993 CITY COUNCIL �ETDNG DATE ❑ Public Hearings P G Consent Agenda (2 Council Business Item Description: PROPOSED 1994 PROPERTY TAX LEVY I Administrators o supplement this ri ion: - No comments m supplement this reporjt' • Comments attached. I Explanation/Summary (attach suppleteeat sheets m accessary.) RTT..NMARY: Attached please find Resolution 4418 which: 1) certifies to Ramsey County the City's Proposed 1994 Property Tax Levy, and 2) sets the City's public hearing on the 1994 Budget for Wednesday December 8, 1993 at 7:00 P.M. (if a continuation of the hearing is necessary it is scheduled for Wednesday December 15, 1993 at 7:00 p.m.). At the September 7, 1993 Work Session a donation to the Northwest Youth Service Bureau was added to the Budget. With this additional expenditure of $12,500 the city's proposed 1994 General Fund expenditures are $3,176,395; which is 6.7% more than 1993 expenditures of $2,977,750. The city's proposed 1994 property tax levy is 11.1% greater than the 1993 levy. The 1993 Legislature changed the procedure for certification of our levy to the County. For 1994 the amount of Homestead and Agricultural Credit Aid (HACA) the Minnesota Department of Revenue has certified the City to receive in 1994 is to be deducted from the property tax levy certified to the County. (In previous years the County deducted the HACA from the levy.). I mention this because in order to make comparisons between the 1993 and 1994 proposed levy meaningful I used the levies before the HACA deduction. The estimated effect upon the average homeowner ($84,OCO home) is an increase in the city's share of the property tax levy of $62.53. That estimate is based upon the home's estimated market value increasing by 2.3% from 1993 to 1994 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. EnclDsures -•o.%� RE�OMMENDATION: Donald erager, Fi a ce Director ADOPT RESOLUTION NO. 4418, CERTIFYING THE 1994 PROPOSED PROPERTY TAX LEVIES AND SETTING THE DATE FOR A PUBLIC HEARING ON THE SAME PURSUANT TO TRUTH IN TAXATION LEGISLATION.