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<br />Capital Fund Levies <br /> <br />The 2020 Capital Improvement Program (CIP) and the 2020 Building Improvement Levies are <br />proposed to increase by $25,000 and $5,000 respectively. CIP and Building Improvement levy <br />increases agree to Long term capital plan, to maintain replacement schedule. <br /> <br />Levy <br /> <br />The total for all levies is $7,609,458. The levy increase without the benefit of reduced Debt levy the <br />levy increase would have been 9.80%. With the property tax relief applied, the overall levy increase will <br />be limited to $298,500 or 4.08% percent. A summary of the total levies is as follows: <br /> <br /> 2020 <br />General Fund Levy $4,571,013 <br />CIP Levy $ 283,200 <br />Street Improvement Levy $1,823,254 <br />Lease Revenue Bonds/Public Facilities $ 341,602 <br />HRA Levy $ 185,064 <br />Tax Abatement $ 322,325 <br />Building Improvement Levy $ 83,000 <br /> Total $7,609,458 <br /> <br /> <br /> <br />In 2020, the median valuation of the single family home within the City equals $322,000 (Hennepin <br />County portion). The median valuation is the value at which 50% of the homes are valued lower and <br />50% are valued higher. The General Fund Levy of $4,571,013 supports the 2020 cost of providing City <br />services. Therefore an owner of median valued home in the Village will pay $1,271 in Property Taxes <br />for City services. <br /> <br />A breakdown of the cost of City services is: $486 for Police, $262 for Fire, $159 for Public Works, $74 <br />for Parks, $164 for Administration, $32 for Finance and $94 for other various costs. Remaining City <br />taxes are $507 for Streets related debt service; $95 for the Fire and Public Works buildings related debt <br />service; $89 for parks, sidewalks and intersection improvements related debt service; and $102 for the <br />Capital Equipment and Building Improvements. Resulting in a total City tax of $2,064 for a median <br />valued home. <br /> <br /> <br />Capital Equipment Purchases - Appropriation = $591,477 <br /> <br />The proposed 2020 Capital Equipment Budget totals $591,477. The 2020 revenue for funding capital <br />equipment will be provided by the Capital Improvement Levy, MSA Revolving Funds, sales of existing <br />equipment. A review of the 2020 revenue and expenditures is as follows: <br />5