2019.09.16 CC Packet - Laserfiche WebLink

Home

2020 Proposed Tax Levy Page 3 Levies for Future Bond Issues The proposed levy includes $830,759 to begin revenue streams for the eventual issuance of bonds to expand our Public Works Facilities and for improvements to Lions Park. This levy represents the annual tax levy needed to make the bond payments on approximately $10,780,000 of new debt. Capital Improvement Levy This levy, first instituted in 2006, is used to defray a portion of the city's share of street reconstruction projects. The proposed levy for 2020 is $1,160,000. When combined with state construction aid, these funds will allow us to continue improving our network of streets without the need to issue additional debt. Certified Property Tax Levy To recap, the total amount of property taxes to be certified to the county for inclusion in the truth -in - taxation notices amounts to $8,313,784, the particulars of which have been identified above. Fiscal Disparities Fiscal Disparities is a program designed by the state legislature to distribute a portion of growth in commercial and industrial tax values to cities in the seven -county metropolitan area. Historically, the City of Hugo has been a "winner' in that we receive more value from the pool than we contribute. Washington County has certified the payable 2020 amount of $767,665, an increase of $54,127 from the previous year. This amount serves to lower the total property tax dollars paid by residents of the city. Pay 2020 Proposed Certified Property Tax Levy $ 8,313,784 Less: Fiscal Disparities $ (767,665) Local Portion of Levy $ 7,546,119 Taxable Market Value and Tax Capacity The county tax department has released a preliminary estimate of taxable market value and tax capacity data for next year. The county estimates an increase in the total tax capacity of 10.03%. These numbers will most likely change when the county releases "final" numbers prior to the budget adoption meeting scheduled for December 2"d