CC PACKET 09132005 - Laserfiche WebLink

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M Also, discussed at the March 140' work session were additional alternatives to offsetting the levy. After reviewing the alternatives, Council approved the recommendation to decertify the Hellicicson TIP District. The District has been decertified and will return to the tax roles for collectible 2006 taxes. This decertification will add additional tax capacity and offset the impact of the increase in the road improvement levy. With the zero percent increase in the General Fund Levy and the additional tax base created by the decertification, the City should be very close to achieving its goal of keeping the increase in "2006 Property Taxes" to a minimum while maintaining the current service levels. The following represents a review of the 2006 Levy/Compared to the 2005 Levy: General fund Levy (Operations) Road Improvement Levy Public Facilities (P/W -- Fire Station) Certificate of Indebtedness - Fire Truck Tax Abatement Levy - Central Parl< PERA Levy - State Incrcase 'for PERA rates HRA (Administration Levy) 2005 2006 Increase $2,488,357 $2,488,357 $ - 0- $ 627,312 $ 751,492 $ 124,180 $ 391,477 $ 392,737 $ 1,260 $ 89,600 $ 88,100 ($ 1,500) $ 30,013 $ 2.9,271 ($ 742) $ 7,500 ._. 7.SOQ 0 - $3,634,259 $3,757,457* $ 123,198 $ 55.5QQ,. $ . 55,500 $ -0._.:. $3,689,759 $3,812,957 $ 123,198 "The result of a zero percent increase in the General Fund levy is that the City of St. Anthony is exempt from holding a Truth -in -Taxation public hearing. The Minnesota Department has set the maximum levy the City can levy without holding a public hearing is $3,818,792 (the 11RA levy is not part of the calculation). Final analysis and tax calculations will be presented to the City Council when the City is provided with our proposed tax rate and tax capacity numbers from Hennepin and Ramsey Counties. This information is available the later part of October. Recommendation: Council review and consider two options: 1) hn compliance with the Truth -inn -Taxation Act, Council approves a resolution setting the proposed 2006 Tax Levy and Budget. In addition, Council approve not holding a Truth -in -Taxation public hearing and conducting its Council meetings at their regularly scheduled date and times. 2) In compliance with the Truth -in -Taxation Act, Council approves a resolution setting the proposed 2006 Tax Levy and Budget. Also, approving Monday, December 5, 2005, as the City's Truth -in -Taxation public hearing date and if necessary, December 19, 2005 as the reconvening date.