HomeMy WebLinkAboutCC RES 03-102 A RESOLUTION SETTING THE CITY OF ST. ANTHONY 2004 TAX LEVY AND BUDGET IN COMPLIANCE WITH THE TRUTH IN TAXATION ACT Meeting Sheet
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104591
Box: 31
Folder: RES 2003
Document: CC RES 03-102 A RESOLUTION SETTING THE CIN OF 5T.
ANTHONY 2004 TAX LEVY AND BUDGET IN COMPLIANCE WITH THE
TRUTH IN TAXATION ACT
CITY OF ST ANTHONY
• RESOLUTION 03-102
A RESOLUTION SETTING THE CITY OF ST. ANTHONY 2004 TAX LEVY
AND BUDGET IN COMPLIANCE WITH THE TRUTH IN TAXATION ACT
WHEREAS, State Law requires that the City of St.Anthony provide Hennepin
and Ramsey Counties with a certified 2004 Budget and Tax Levy; and
WHEREAS, the City Council has review the City Manager's 2004 Budget and Tax Levy; and
WHEREAS, the State Legislature has mandated levy limits on all City Governments; and
WHEREAS, the City Council held a Truth in Taxation Public Hearing on December 8, 2003, 7:00
P.M. in its Council Chambers to discuss the tax levy with the residents of St.
Anthony; and
WHEREAS, the information required for the City Council to determine a definitive tax levy
has been collected.
NOW,THEREFORE,BE IT RESOLVED that:
• 1 The collectible 2004rope le is:
p �'tax levy
Property Tax Levy Limit $ 2,329,036.00
Road Improvement Levy $ 469,018.00
Certificate of Indebtedness—Fire Truck $ 85,500.00
Lease Revenue Bonds/Public Facilities $ 395,467.00
Housing&Redevelopment Authority Levy $ 55,500.00
Tax Abatement Levy -Central Park Bonds $ 28,343.00
PERA Rate Increase Levy % 7,500.00
Total 2004 Tax Levy $3,370,364.00
2) The 2004 General Fund Budget totals $3,776,400
Adopted this ��day of ,2003 \;
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ATTEST: Ma� -
City Clerk LGA Ll�:c< h civ
• Reviewed for administration: City Manager '`
MEMORANDUM
• DATE: December 1, 2003
TO: Mayor and Councilmembers
FROM: Mike Mornson, City Manager
ITEM: CERTIFICATION - 2004 BUDGET AND TAX LEVY
State mandated truth in taxation laws require Cities to provide Hennepin and Ramsey
Counties with a certified 2004 Budget and Tax Levy.
This years General Fund budget totals $3,776,400 compared to $3,844,600 for 2003,
which represents a $68,200 dollar decrease or 1.77% less. It should be noted that the
2004 budget consists of no new staff positions or programs and was modified to adjust to
a ($267,348) reduction in Local Government Aid.
The changes and adjustments in the Budget include:
1) Budget Cuts and Adjustments $ 26,500
2) Permanent reduction in P/W position $ 30,200
3) Eliminate 1 Community Service Officer $ 10,400
4) Additional Expenditure Reductions $ 64,700
• 5) 60% Levy Back for LGA Loss $160,409
To insure that Cities would not simply pass on their LGA reductions, the State imposed
levy limits for all Cities. St. Anthony's levy limit for 2004 consists of taking last years
budget levy and adding 60% of the loss in State Aid.
A breakdown is as follows:
2003 Budget Levy $2,168,627
60% LGA Loss $ 160,409
2004 Levy Limit $2,329,036
The City portion for a property with taxable value of$200,000 is equal to $942.80. This
represents an increase of$172.24 for a property whose taxable value last year was
$183,900. A review of the increase is as follows:
1) Budget $40.23
2) Roads ($ 5.04)
3) Fire Truck $24.41
4) Public-Works Facility $66.04
5) Fire Station $46.85
6) Tax Abatement ($ .23)
• 7) PERA Rate Increase ($ .02)
When looking at a breakdown of the 2004 increase, the majority of the increase($137.30
or 79.7%) is for the debt issued for new fire truck, the new public works facility and the
new fire station.
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To offset some of the cost of the new facilities, the Kenzie Terrace TIF District was
decertified. The average cost savings for desertification of the District totaled $65.10 and
added $335,500 to St. Anthony's tax capacity. That cost savings is reflected on the
current Truth in Taxation Statements.
In addition, due to the refinancing of the 1993, 1994 & 1995 Road Improvement Bonds,
an additional reduction in taxes will appear on the final property tax statements (the
average savings is equal to $38.78).
Recommendation:
To comply with State Law and Truth in Taxation requirements, Council approve
resolution #03-102 setting the 2004 property tax levy as presented, which includes a
reduction in the Road Improvement Levy of$112,618.
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