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Budget Review: From Page 1 Market Value Homestead non-property tax revenues, to Credit Unallotments fund general government,pub- terestpayments on existing City This is a program whereby lic safety, public works and bonds. The total levy for debt the state reduces the property other City operations. service in 2010 is $496,296 taxes on homestead properties compared to$410,650 the pre- with the intention of reimburs- Fiscal Disparities vious year. ing the taxing jurisdictions Fiscal Disparities is a program Tax Abatement Levy for their share of the credit. designed by the State Legisla- This levy is comprised of two However,beginning in 2004,a ture to distribute a portion of portion of this reimbursement the growth in commercial and components: (1) $246,664 to has been withheld through a industrial tax values to cities in pay a portion of the principal and interest on tax abatement Process known as unallotment. the seven-county metropolitan bonds issued to defray the The State Legislature is allow- area. Historically, City of ing local governments a one- Hugo has been a winner in City's share of the CSAH 8 time chance to levy back the this program because we re- Reconstruction Project, with amount of unallotments that ceive more from the value pool the balance being contributed occurred in 2008 and 2009, than we contribute. Washing- by the White Bear Lake School which totals $297,630 for ton County has certified the District; and (2) $195,172 to Hugo. It is important to take 2010 amount at $556,789, pay the principal and interest advantage of this opportunity, an increase of $66,200. This on tax abatement bonds issued since the City has also been in- amount serves to lower the to- to finance parkland acquisition formed by the Department of tal property tax dollars paid by (Hansen property) and park Revenue that it will lose all of residents of the City of Hugo. improvements(Rice Lake Park its 2010 reimbursement. shelter). The final budget and tax levy Equipment Replacement Levy General Operating levy hearing is scheduled for De- An amount of $35,000 will The levy for general operat- cember 7, 2009. The public is ing purposes is $3,588,728, a invited to speak at this hear- be added to funds on hand to decrease of $62,944 from the ing prior to the City Council's replace big ticket equipment A recycling items in the Public Works Previous year. The general op- adoption of the final budget Department that have exceed- erating levy is used,along with and tax levy. container ed their useful lives. These _ _ - --- is available items include a dump truck, plow truck and several pickup City Tax Rates 2003 - 2010 from your trucks. Park Improvement levy 2003 38.762% refuse hauler This levy is used to finance 2004 35.966% -7,213% or by calling capital improvements to the City's park system and has 2005 35.931% -0,001% City Nall at been reduced from $296,000 651-762-6300 to $101,000 to account for the 2006 35.826% -0.029% principal and interest on the 2007 35.144% -1.904% tax abatement bonds issued in October. 2008 34.941% -0.578% ^— Capital Improvement Levy 2009 34.443% -1.425% An amount of $292,200 is in- 2010 34.222% -0.642% cluded to fund the City's share of street reconstruction proj- ects. DECREASE SINCE 2003 -11.792%