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Truth in Taxation Public Hearing Meeting Minutes December 4, 2006 Page 3 1 Anthony Blvd. He reported the current levy amounts to $885,834, for an annual cost of $245.17 2 or $20.43 per month. 3 4 City Manager Mornson broke down the public facilities lease revenue bonds for the new Fire 5 Station and Public Works building for a 2007 levy amount of $393,892; an annual cost of 6 $109.01 or $9.08 per month. 7 8 City Manager Mornson stated the 2007 Levy for the certificate for the Fire Truck issued in April 9 2003, totals $91,500 for an annual cost of $25.32 or $2.11 per month. He mentioned this is the 10 last year for this debt. 11 12 City Manager Mornson explained the tax abatement for the major redevelopment of Central Park 13 where the City sold tax abatement bonds for a portion of the revenues. He reported the 2007 14 Levy for the tax abatement totals $28,506, a cost of $7.89 annually or $.66 per month. 15 16 City Manager Mornson reported on capital equipment for 2007. He stated the proposed capital 17 equipment amount is $430,000 for 2007. He stated internal funds on hand finance capital 18 equipment purchases. He explained there is no levy for 2007 capital equipment and no debt 19 issued for 2007 equipment purchase. 20 21 City Manager Mornson broke down capital equipment requirements by department indicating the 22 Police at $85,500, Fire at $35,000, Public Works at $222,500, Liquor at $30,000, Finance and 23 Administration at $57,000, bringing the total capital equipment purchase to $430,000. 24 25 City Manager Mornson pointed out capital equipment revenues amount to $430,000. He 26 indicated the revenue would come from a Housing and Redevelopment Transfer of $200,000, 27 liquor profits from 2001 to 2005 of $150,000, and liquor profits of $80,000 for 2006. 28 29 City Manager Mornson discussed the debt activity in 2006. He mentioned the issuance of the 30 15 -year Road Improvement bond of $2,020,000 to fund the 2006 Street Improvement Project. 31 He stated a reduction in the debt levy by $7,200 is due to refinancing the 1998A Bond at a lower 32 interest rate. He explained that Finance Director Roger Larson and Ehlers & Associates look at 33 this yearly. 34 35 City Manager Mornson discussed the financial obligations and outstanding debt as of December 36 31, 2006. He stated the debt amounts to $22,570,000. 37 38 City Manager Mornson explained the cost per year for various departments. He mentioned the 39 following departments: Police, Lauderdale/Falcon Heights, Fire, InspectionsBuilding permits, 40 Animal Control, Public Works, Maintenance and Repair, tree and weed care, parks, and 41 community services transfer total equals $736.40 per year. 42 43 City Manager Mornson explained the average monthly bill for all City services total $61.37 44 compared to other household expenses that amount to between $50 and $100 per month. 45 21