Laserfiche WebLink
Page 6 <br />August 10, 1987 <br />At the time the Program was presented, the City's methods of <br />financing all capital outlay items was discussed. It wasnoted <br />that one of the City's two major sources of financing cap <br />prems ogram tall <br />uld be lost Yhat ProgramthadhProvidedation of the between $50,000enu$90,aring <br />000 <br />per year over 'the past ten years. The other major source of <br />financing Capital Improvements, interest earnings of the Special <br />void left by <br />Pro Iect's Fund, would not be sufficient to fill the <br />the elimination of the Revenue Sharing Program. Other sources f <br />financing Capital items were discussed. Direction ,was given, <br />staff to prepare a 1988 budget whic7, would require a property tax <br />levy that was 3 mills more than the 1987 levy. That additional <br />levy was to be used as .'1'owss <br />General Fund 1.0 Tills <br />Storm Water Management 1.5 mills <br />Park Improvements 0.5 mills <br />TOTAL 3.0 mills <br />The new levy limit law enacted by 'the 1987 Minnesota Legislature <br />has frustrated plans to levy additional .mounts for the General <br />Fund and Storm Water and Park Improvements. This new levy limit <br />ex^io <br />ed <br />law allows the City's 1987 levy aimit base tobein <br />reptn <br />only 3%. Debt Service levies are the only permitted <br />from this levy limitation. As a consequence of this new levy <br />limit3tion law, staff is proposing that $50:904 of Park <br />Im^roverients originally proposed to be financed with.General Fund <br />dollars instead be financed with park dedication. fees. <br />Approximately $250,000 of dedication fees are expected from the <br />Mounds View Business Park Development. <br />Subsequent to thin recommendation staff attended a levy limit <br />seminar sponsored by the Association of Metropolitan <br />Municipali�ies. One of the items discussed at the seminar was an <br />appeals procedure by which cities could appealtheir <br />limilevy t limit <br />and be granted authority to levy above their p <br />e <br />Pursuant to Council directions gipealaofthe <br />theAugust <br />slevy <br />3Agenda <br />limit. <br />Session, staff is preparing an at <br />If our appeal is granted the City would be able to levy an <br />additional amount for General Fnnd tnd Storm Water and Park <br />improvements. <br />Total proposed 1988 General Fund expenditures are $2,179,349. <br />This is an increase of 3.48% over the 1987 Budget of $2,106,117. <br />ld <br />V <br />