Agenda Packets - 1986/02/18 - Laserfiche WebLink

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MP.IW TOI Clerk tdmtnivtrator PauleV FROM Pinam Dir.•.*tor-Truasurer Braovr�!/� DATRt •lanu.e 30, 1996 `,(► Res awk. u. tR'S It11DGBT PROPOSAL AND THE CI t f t'0N'I'INt1CN< PLAN t IR REDUCTION Oe 1986 STATE AIDS An Action Alwr t, it•.a tho luapue of Minnesota Ctt 1.,, .1.0.•.1 .L,nuat 23, 1986 indicate!: that the Governor's proposal tut dwaling wit!, a predicted State revenuo shortfall of $720,000,000 in part call for a reduction o! 19s6 Local Government Aid of rlppr"ximatxly 8.01 percent and i reducrion of 8.78 percent in tit., Il.xxeAtedd Credit. The City,-; certified 1986 Local Government Aid is $S15,956. An 8.01 percent reduction would amount to $14,222. 'rhe amount o1 Idea• t.•.nl crudit 111.1t r .•ily will I•' • "' i•. difficult to estimlte. when preparinq General rural Rev.nlue estimates I know that the General Fund property tax levy will equal the sum of a.-rount 3010, Current Ad Valorem 7•rxos p1uA Account 331S, Hom. •tead Credit. The Ramsey County hepartment r,l Property Taxation •alculstss the Homestead Credit for eliyihle properties within the City of Mounds View in January after the property tax levy has been certified to the County for collecton. I rkc..ntly called the Ramsey County Department of Property Taxation -.nd loarned that the General Fund'.-; portion of the Homestead Credit will be $215,831 versus the S2b6,935 which was originally budgeted. This means that the Homestead Credit was iverestimated -Ind the Current Ad Valorr-m Taxe, account was undarestimated by the amount that the Homestewn ad Credit cunts .!was over- estimated. Rememtwr that the ut the s the total 1986 General Fund's share of the ,property tax levy. Taus, a reduction of th.• Homestead Credit ny 8.18 perce,it •1••a15 $18,950. The total reduction of State Aids pursu,"'I r th., Governor's budget proposal ist Local Government Aids $44,122 Homestead Credit Aids 18,950 Total Reductions Par Governor's T6j-172 Budget Proposal The contingency Plan for possible reductions Of 1986 State Aids adopted by the Council and outlined in my November 26j memorandutr provid.•.I for the use of $30,000 of Revenue Sharing allotments to off re,luctions of State Aids. Based upon a Revenue Sharing Recipient Account Statement received January 29, 1985 and taking into account a possible reduction of Revenue Sharing berauso of Gramm-Rudman deficit reduction IegiAlatian, a outlined in a Lea,lue of Minnesota Action Alert dat•1 January 10, 1986, 1 estimate that the amount of Revenue Sharing Punds the city will receive luring 1986 Will Amount to $18,165. This amount is $8,165 •treater than the $30,000 anticip'ttdlat the cim the Contingency pi.tn waA prepared. Accordingly, avail•lhie for po!; hto 't%te All re - '-r1, 111' r