1977.10.05 CC Minutes - Budget Meeting

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A,special levy may be claimed by a city or a town for a levy pursuant to Minnesota Statutes, • Section 275.48 to recover losses in tax receipts for nonspecial levy funds resulting from abatements or court action in the previous levy year. For levy year 1977• taxes payable • .978, this special levy includes losses in nonspecial levy fund tax receipts for any • for which abatement was granted in lc-76 or court judgment reducing taxes was rendered 1976. This special levy presumes that the losses in tax receipts for specini levy Inds resulting from Abatements or court eztion in the previous •;ear are i-h,:luded in this ear's spe-ial levies clrims under other schedules. Do not include delinquent taxes in this special levy. Lines I through 4 of this schedule have already been completed. If you do not agree with these amounts, please attach a letter explaining why .:afferent amounts should be used in their place. This special levy is not authorized for county governments. (1) Total 1975/1976 Levy $ (2) Less Special Levies Allowed for 1975/1976 $ Z (3) 1975/1976 Levy for Nonspecial Levy Purposes (1 - 2) S !o (4) Line 3 Divided by Line 1 S . L ' • / (5) The Governmental Subdi•:ision's Share of the Loss in Tax Receipts due to Court Action in 1976 or Tax Abatements Granted in 1)76 S (6) Line 4 Times Line 5 (enter here an on page 1, line 0) $ SCHEDULE P: Unfunded Accrued Liability of Public Pension Funds A special levy may be claimed for the amounts required by law to be paid to reduce the unfunded ccrued liability of public pension funds, including interest thereon, in accordance with the :tuarial standards and guidelines specified in Minnesota Statutes, Sections 69.71 to 69.776 nd 356.215, reduced by 106 percent of the amount levied for that purpose in levy year 1976 ayable 1977. The following is a listing of the required employer contributions, by pension fund, which are considered to be used to reduce the unfunded accrued liability of the pension fund: (1) PERA: . • (a) for basic members, the additional 2 1/2% times total salary. (b) for coordinated members, the additional 1 1/2% times total salary. (2) Police and Firemen's Relief Association Guidelines Act: The 5% interest on the amount of the deficit found by the actuarial survey of the fund. (3) Volunteer Firemen's Relief Association Guidelines Act of 1971: (a) for an association paying lump sum benefits, at least one-tenth of the deficit, if any, as determined on the original computation of accrued liability and assets for the year 1971, until the assets of the fund are equal to the accrued liability as annually determined, plus at least ten percent of any increase in the deficit resulting from a bylaw change after the original determination of the fund's deficit. (b) for an association paying monthly service pensions, at least one-twentieth of the deficit determined as of December 31, 1970 and at least one-twentieth of any newly created deficit. (10) mr• T Ar