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Truth in Taxation Public Hearing Meeting Minutes November 30, 2004 13 Page 2 1 Mr. Morison reviewed the 2005 General Fund revenues noting 63.0%came from the tax levy; 2 . 3.5% from license and permits; 5.4% from inter-government revenue; 17.3% from contracts; 3 2.4% from fines; 5.1% from transfers, and 3.3% from miscellaneous. 4 5 The next slide reviewed was the 2005 General Fund Expenditures noting 28.5% went the Police; 6 15.2% went to Contracts; 16.5%went to Fire; 18.2% went to Public Works; 5.2%went to parks; 7 8.4%went to General Government; 5.9%went to Finance and Insurance; and 2.1%went to 8 inspections. 9 10 Mr. Morison next reviewed the St. Anthony levies that impact property taxes which included the 11 general,fund; road improvements; lease revenue bonds (public facilities); certificate of 12 indebtedness (fire truck); tax abatement (Central park); and PERA Rate increase. 13 14 Mr. Morison continued by reviewing the cost for City services based on.a$221,000 valuation 15 indicating the cost to be$701.79 annually or$58.48 per month. 16 17 Mr. Morison noted road improvement costs.were an on-going process,with the first road 18 improvement project in 1.993. Mr. Momson reviewed the 2004 road improvement projects and 19 the current levy of$627,312, which was $176.90 annually or$14.74 monthly. 20 21 Next, Mr. Morison reviewed the new Public Works facility and new Fire Station constructed in 22 2004. Mr. Momson noted the 2005 Levy was $391,477, which amounted to an annual cost of 23 $110.39, or$9.20 per month. 24 25 Mr. Morison continued by reviewing a slide entitled"Certificate for Fire Truck"noting the 2005 26 levy was $89,600 with two additional years remaining on the levy, which amounted to an annual 27 cost of$25.31, or$2.11 per month. 28 29 Mr. Morison also noted there had been a major redevelopment of Central park, with the City 30 selling Tax Abatement Bonds for a portion of the revenues. Mr. Morison noted the levy in 2005 31 was $30,013, which amounted to an annual cost of$8.51, or$31 per month. 32 33 Further, Mr. Morison reviewed the average total city property taxes in 2004 compared to 2005 34 with a property value based at $221,000 by noting a$71.90 increase. 35 36 Next,Mr. Morison reviewed the 2005 Capital Equipment, indicating revenue from the 37 following: Lauderdale/Falcon Heights $36,100; Water/Sewer Transfer$60,000; Water Filtration 38 Interest Earnings $50,000; Trade/Sale Existing Equipment$10,000; and Fund Balance/Reserves 39 $37,700 for a total revenue of$193,800. 40 41 Mr. Momson then reviewed the 2005 Capital Equipment Expenditures for the following: Police 42 $105,000; Fire $51,300; Public Works $30,000; and Finance Administration$7,500 for a total 43 capital equipment in the amount of$193,800. 44 45 Mr. Morison further noted the Water Filtration Fund Balance of$5,170,547 indicating annual 46 interest earnings fund various projects such as: Fund annual operation and maintenance costs—