|
City Tax Levies and Collections
<br /> Collected During Collected
<br /> Gross Net Collection Year As of 12-30-95
<br /> Levy/Collect Lgvy(a) Levy Amount Percent Amount Percent
<br /> 1995/96 $1,993,156 $1,679,803 (In Process of Collection)
<br /> 1994/95 1,860,075 1,532,942 $1,499,816 97.8% $1,499,816 97.8%
<br /> 1993/94 1,796,608 1,436,657 1,412,929 98.3 1,421,953 99.0
<br /> 1992/93 1,694,638 1,348,683 1,265,760 93.9 1,293,476 95.9
<br /> 1991/92 1,618,684 1,302,345 1,257,107 96.5 1,227,878 94.3(b)
<br /> (a) The net levy excludes Homestead and Agricultural Credit Aid("HA CA'). Beginning in 1993194 the net
<br /> levy is the basis for computing the 1994195 and 1993194 tax capacity rates. The gross levy is the
<br /> basis for computing tax 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 March 31, 1996
<br /> Fund Cash and Investments
<br /> General $ 421,095
<br /> Special Revenue 262,848
<br /> HRA Fund 2,628,164
<br /> Capital Equipment 9,665
<br /> Debt Service:
<br /> Taxes and Special Assessments 377,657
<br /> Tax Increment 1,344,906
<br /> Capital Projects 1,731,469
<br /> Community Center 11,109
<br /> Enterprise 4,792,798
<br /> Miscellaneous 183.391
<br /> Total $11,763,102
<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;
<br /> b. has an expected average life which will extend more than four years as •
<br /> the result of an immediate and parallel shift in the yield curve of plus 300
<br /> basis;
<br /> - 10 -
<br />
|