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City Tax Levies and Collections
<br /> Collected During Collected
<br /> Gross Net Collection Year As of 12-31-96
<br /> Levy/Collect Levy' Levy Amount Percent Amount Percent
<br /> 1997/98 $2,075,234 $1,740,856 (In Process of Collection)
<br /> 1996/97 1,998,389 1,664,011 (Not Currently Available)
<br /> 1995/96 1,993,156 1,679,803 $1,664,761 99.1% $1,664,761 99.1%
<br /> 1994/95 1,860,075 1,532,942 1,499,816 97.8 1,504,366 98.1
<br /> 1993/94 1,796,608 1,436,657 1,412,929 98.3 1,422,948 99.0
<br /> 1992/93 1,694,638 1,348,683 1,265,760 93.9 1,294,105 96.0
<br /> The net levy excludes Homestead and Agricultural Credit Aid("HACA'). Beginning in 1993194 the net
<br /> levy is the basis for computing the tax capacity rates. The gross levy is the basis for computing tax
<br /> capacity rates in prior years.
<br /> FUNDS ON HAND
<br /> As of December 31, 1997
<br /> Fund Cash and Investments
<br /> General $1,089,210
<br /> Special Revenue 302,450
<br /> HRA Fund 769,283
<br /> Capital Equipment 62,324
<br /> Debt Service:
<br /> Taxes and Special Assessments 556,527
<br /> Tax Increment 1,409,876
<br /> Capital Projects 744,903
<br /> Community Center 16,975
<br /> Enterprise 5,513,914
<br /> Miscellaneous 161,481
<br /> Total $10,626,943
<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 /> I
<br /> 1. Interest-only or Principal-only backed securities.
<br /> II 2. Any mortgage derivative security that:
<br /> a. has an expected average life greater than ten years;
<br /> r
<br /> ib. has an expected average life which will extend more than four years as the result of
<br /> an immediate and parallel shift in the yield curve of plus 300 basis;
<br /> c. has an expected average life which will shorten by more than six years as the result
<br /> of an immediate and sustained parallel shift in the yield curve of minus 300 basis
<br /> points;
<br /> d. will have an estimated change in price of more than 17 percent, as the result of an
<br /> immediate and sustained parallel shift in the yield curve of plus or minus 300 basis
<br /> points.
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<br /> I .
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