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