PL PACKET 11171987 - Laserfiche WebLink

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1 At 9 : 25 ' P 'M-:',, the Mayor,` :opened the. public hearing on ahe above , 2 noting the � absernce:' 'o:f res'idences to provide ---input, . despite the 3 posting of- the notice --of , the hearing :at . various . locations 4 throughout - the City, .and -its publication . .:in the -September 16th- 5 Bulletin. 6 Documentation:" copy .of notice; 7 September 4th letter from the Director of Minnesota 8 Local Aids Division advising that the requested 9 $150 , 000 levy limit adjustment to reduce the City' s 10 payable. 1987 property taxes had been approved but,:.that - 11 the .$33 , 000 adjustment for loss of federal revenue 12 sharing had been denied; 13 Mr. Childs ' September 18th summary of the 1988 budget; 14 estimates of effect of . mill rate on City homes ; . 15 Resolution 87-029 ; 16 copy ,of budget. 17 ' Mr. Childs summarized his memorandum by saying the $1 , 263 , 150 levy 18 would be $20 , 000 less than the levy limit imposed by the state, but � 19 almost $300 , 000 higher than last year ' s levy. He indicated - he had 20 included the $150 , 000 levy variance the state had granted the City 21 for using reserve funds to off-set lower liquor operation profits _ 22 The Manager attributed the levy raise to the loss of revenue sharing 23 and decrease in liquor -operation profits which had allowed the City 24 to transfer only $150 , 000 from the Liquor Fund to the General Fund, 25 where the City had budgeted twice and more in previous years. 26 Mr. .Childs had projected a 3 . 1% increase in revenues for the General 27 Fund, which was an increase of $55 , 000 from 1987 , but would be offset 28 by an increase in total expenditures . He said revenues which- are not 29 expected to increase would be .Local Aid to Governments , fees , and 30 interest earnings on City holdings , all of which are negatively 31 impacting on the City. Mr . Childs also anticipates raises in the 32 water and sewer rates at the end of the year should offset some of 33 the deficiencies in those funds. 34 Levy Increases would Cost Homeowners Between $20 and $39 35 Under the new 1988''assessmen't formula; . the above increases would be 36 experienced for- owners of $85 ; 000 and $100 , 000 respectively assuming 37 the County mi1.1 rate went up 1 . 7 mills and the school district ' s 38 raise was 4-mills . The Manager ' s estimate assumed no change in home 39 values . -If home values increased by 3 0.; -it could add $100 in taxes 40 for a $100 , 000 home and $80 more for an. average $85 , 000 home in St. 41 Anthony. 19