CC PACKET 08102004 - Laserfiche WebLink

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Review of the General Fund Levy: (no levy limits are in affect for 2005) The proposed General Fund levy for 2005 totals $2,488,357.00. This represents a dollar increase of$159,321 or 6.84% (without the addition of the Central Park lighting costs and the Community Services transfer the increase would have been $85,321 dollars or 3.66%). Special levies: With adding the cost of the 2004 road improvement project to the levy, the line item is up $158,233. For your review, attached is a summation of the General Fund and Special Levies for the last four years. Also, included in the materials is a review of our special levies, which gives a brief description of the special levy, when they were established and the year they expire. Total Levy: The total levy shows an increase of$319,334 or 9.47% over last years levy. The increases are as follows: General Fund Levy $159,321 Road Improvement Levy $158,233 Certificate of Indebtedness $ 4,100 Lease Revenue Bonds ($ 3,990) Tax Abatement—Central Park $ 1,670 $319,334 Summary: The information necessary to calculate the tax rate and the affect the levy will have on property taxes is not available until October of each year. At the time, the County will provide us with our citywide valuation numbers and St. Anthony's distribution from the Fiscal Disparities Pool. Look at the raw numbers: The projected increase is subject to change based on adjustments to the Levy, our Fiscal Disparities distribution, added Property Valuation and St. Anthony's Total Tax Capacity. Based on $200,000 home and does not reflect any change in valuation from 2004: 2005 total levy $3,689,698 Less: Fiscal Disparities ($ 345,000) Last Years Distribution HRA Administrative Levy ($ 55,500) $3,289,198 Divided by Total Tax Capacity $5,806,731 Last Years Number Tax Rate = 56.645% Projected 2005 taxes on $200,000 home $1,132.90 2004 Tax Rate = 51.136% 2004 Property taxes on $200,000 Home $1,022.72 Projected increase $ 110.18