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City Tax Levies and Collections
<br /> Collected During Collected
<br /> Gross Net Collection Year As of 9-30-95
<br /> Levy/Collect L y (a) Lev Amount Percent Amount Percent
<br /> 1994/95 $1,860,075 $1,532,942 (In Process of Collection)
<br /> 1993/94 1,796,608 1,436,657 $1,412,929 98.3% $1,407,247 97.9%
<br /> 1992/93 1,694,638 1,348,683 1,265,760 93.9 1,284,397 95.2
<br /> 1991/92 1,618,684 1,302,345 1,278,537 98.1 1,249,086 95.9(b)
<br /> 1990/91 1,585,003 1,304,032 1,262,666 96.8 1,255,111 96.2(b)
<br /> (a) The net levy excludes Homestead and Agricultural Credit Aid("HACA"). The net levy is the basis for
<br /> computing the 1994195 and 1993194 tax capacity rates. The gross levy is the basis for computing tax
<br /> capacity rates in prior years.
<br /> (b) The decrease in tax collections, subsequent to the collection year, resulted from refunds to taxpayers,
<br /> based on court rulings of petitions and abatements, which were not finalized until after the collection
<br /> year.
<br /> FUNDS ON HAND
<br /> As of September 30, 1995
<br /> Fund Cash and Investments
<br /> General $ 480,894
<br /> Special Revenue 261,005
<br /> HRA Fund 568,125
<br /> Capital Equipment (49,973)
<br /> Debt Service: _
<br /> Taxes and Special Assessments 273,812
<br /> Tax Increment 163,977
<br /> Capital Projects 1,592,062
<br /> Community Center 11,433
<br /> Enterprise 4,450,763
<br /> Miscellaneous 183.574
<br /> Total $7,935,672
<br /> INVESTMENTS
<br /> The City's current investments are in accordance with Minnesota State Statutes compliance
<br /> requirements sections 118.01, 471.56 and 475.66. In addition, the City has an investment
<br /> policy for Mortgage Backed Securities which does not permit the City to invest in the following
<br /> high risk securities (as defined in Minnesota Statutes, Chapter 475.66, Subdivision 5):
<br /> 1. Interest-only or Principal-only backed securities.
<br /> 2. Any mortgage derivative security that:
<br /> a. has an expected average life greater than ten years;
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