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Truth in Taxation Public Hearing Meeting Minutes November 30, 2004 14 Page 3 1 carbon changes; $1,000,000 was used as a fund source for Central Park improvements; and 2 Capital Equipment transfer in 2005 of$50,000. 3 4 Mr. Mornson next reviewed the fmancial obligations/debts outstanding on December 21, 2004 5 which included: Road Improvement Bonds of$6,980,000; tax increments $2,950,000; 6 Stormwater bonds $1,445,000; State Aid (MSA Roads) $810,000; Tax Abatement Central Park 7 $590,000; Certificate of Indebtedness $320,000; Liquor Revenue Bonds $625,000; Utility 8 Revenue Bonds $2,200,000; and Public Facilities Lease Bonds $5,530,000 for a total of 9 $21,450,000. 10 11 Next, Mr. Mornson reviewed the debt activity in 2004 as follows: Issued$1,790,000 road 12 improvement bond—funding/2004 street improvement project; paid off—decertified Kenzie 13 Terrace TIF District, and $1,460,000 Tax Increment Bonds—Community Center Bonds. 14 15 Mr. Momson reviewed the slides entitled"What Do I get for My Property Tax Dollars?" which 16 indicated the following: Mayor/Council $12.34; Public/intergovernmental relations $5.80; Cable 17 Franchise $0.00; General Management$21.10; Elections $6.69; Finance/Insurance $50.26; 18 Assessing $11.11; legal $7.31; Engineering/Planning/Zoning $.69; City Buildings $32.51; Civil 19 Defense $12.13; Police $205.07; Lauderdale/Falcon Heights $0.00; Fire$151.89; 20 Inspections/Building Permits $0.00; Animal Control $1.10; Public Works $88.89; P/W 21 Maintenance/Repair$33.23; Tree and Weed Care $7.59; Parks $38.46; and Community Services 22 transfer$15.62 for a total of$701.79. 23 24 Mr. Momson then reviewed the improvements to St. Anthony Village including the 25 redevelopment of Siler Lake Village/Apache and the St. Anthony Liquor operations at Market 26 Place and Silver Lake Village. 27 28 Mr. Mornson noted the City services are a good value and compared the average monthly bill for 29 City services compared to other household services. 30 31 Mayor Pro-tern Thuesen invited the audience to come to the podium for questions and 32 comments. 33 34 Tom Nelson, Silver Lake Road, stated last year this City portion of his taxes went up 25 percent 35 and last year they went up 12 percent. He stated this was basically a 36 percent increase. He 36 asked at what point would these increases level off, or should the residents expect these types of 37 increases every year. Mr. Mornson replied he could not project what would happen in the future, 38 but the large expenses had occurred, but he was estimated there would be cost of living increases 39 for staff, which would not go away. However, as far as the large increases,he did not see them 40 being as large as in the past years. 41 42 Mr. Nelson asked how long would it be before the City saw tax revenue from the TIF Districts. 43 Mr. Momson replied the TIF ran for 25 years,but he believed it would be less than 25 years 44 because of the success of the district. 45