2018 Budget Book - Laserfiche WebLink

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The 2018 planned infrastructure projects included:  Macalester Drive, 37th Ave. to Railway  Foss Road, 37th Ave. to Chandler Drive Rd.  Highcrest Road, 37th Ave. to End  See Street and Utility Improvement map, immediately following memo Funding for the 2018 projects will come from bonds and special assessments. The bonds issues have 15 year payment terms. The Debt Levy is the funding source for the annual payment of the bond principal and interest. The 2018 Debt Related Levies are proposed to decrease by a combined 0.31% compared to the 2017 combined levies. A debt levy reduction strategy (Peak to Plateau) began in 2014 to stabilize the annual increase in levies created by the annual street reconstruction plan. Without the use of the resources committed to this program the impact of 2018 bonds issued along with existing debt service requirements would have an added impact of 6.98% to the Overall Levy. Capital Fund Levies 2018 Capital Funds Levies are proposed to stay flat with no increase or decrease for the year. Levy The total for all levies is $6,850,011. The levy increase without the benefit of reduced Debt levy the levy increase would have been 13.29%. With the property tax relief applied the overall levy increase will be limited to $399,226 or 6.19% percent. A summary of the total levies is as follows: 2018 General Fund Levy $3,975,534 CIP Levy $ 233,200 Street Improvement Levy $1,833,431 Lease Revenue Bonds/Public Facilities $ 344,882 HRA Levy $ 162,534 Tax Abatement $ 227,430 Building Improvement Levy $ 73,000 Total $6,850,011 In 2017, the median valuation of the single family home within the City equals $274,000 (Hennepin County portion). The median valuation is the value at which 50% of the homes are valued lower and 50% are valued higher. The General Fund Levy of $3,975,534 supports the 2018 cost of providing City services. Therefore an owner of median valued home in the Village will pay $1,781.73 in Property Taxes for City services. 5