2020 Finance Department Annual Report

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2020 Annual Report • Finance Department • St. Anthony Village, Minnesota 15 2 021 TAX LEVY EST ABLISHED IN 2 020 In preparing the 2020 budget, Staff continued its mission to maintain the existing level of City services and programs with the use of financially conservative budgeting. T he 2021 levy increased by $256,137 over last year ’s levy amount. Overall, this represents a 3.37% increase over 2020. The City’s General Fund provides the support for City services. The parameters for preparing the General Fund Budget and Levy include: • City revenues budgeted using current run rates for sources that are subject to trends and conservative baseline estimates for re-occurring aids and charges for services • Liquor transfer set to match current operating results • Expenses budgeted at amounts that will maintain present level of City services The 2021 General Fund Levy increased by $183,637 with the relevant factors detailed below: • Personnel costs - 71% of General Fund expenditures, overall increase $167,990 or 3.2% • Contracted services - 11% of expenditures, overall increase $47,794 • Insurance costs – 4% of expenditures, overall increase $56,318 • Pass through costs – 2% of expenditures, overall decrease $138,032 • Remaining budget line items combined - 12% of expenditures, net costs down $88,259 The City again employed property tax relief for 2021 with the continuation of the City’s is the “Peak to Plateau” initiative started in 2014. This program is designed to mitigate the levy impact of the annual street reconstruction program which is expected to continue into the next decade. The scheduled debt levy reduction for 2021 was $614,910. The impact of Property Tax relief reduced the Overall Levy increase required for 2021 and reduced the overall from 10.42% to 3.37%, as demonstrated in the illustration to the right. 10.42% Without any Debt levy relief 3.37% With Debt levy relief