HomeMy WebLinkAbout2015.09.08 CC PowerPoint 2016 Preliminary Tax LevyCITY OF HUGO
2016 Preliminary Tax Levy
U -j
7-4M
Mid -Year Budget Review
• Staff was directed to prepare a preliminary
tax levy resolution for consideration at the
September 8thCouncil meeting.
• Goals: 1) No increase in urban tax rate
2) Provide for balanced budget
with no structural deficit
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0
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2016 Proposed Tax Levy
604,981 Debt Service & Abate Levy
539,657 CIP Levy
99,378 Park Improvement Levy
64,909 Sealcoat Levy
12,107 Firefighter's Relief Levy
$4,313,296 General Operating Levy
$5,634,328 Total 2016 Proposed Levy
$5,717,021 Total 2015 Adopted Levy
($ 82,693) Levy Reduction
Tax Impact
Total Urban Tax Rate
City Tax on Median Value Homestead:
Market Value Exclusion
Median Taxable Homestead
Tax Capacity
Net Tax
Dollar Change
Pay 2015
Final
36.320%
Pay 2016
Proposed
36.320%
$
2327700
$
2297300
$
(16,297)
$
(16,603)
$
2167403
$
212,697
$
27164
$
27127
$
785.97
$
772.53
$
-13.44
Truth in Taxation
• September 8thCouncil Meeting:
1) Adopt a proposed maximum tax levy
2) Announce that the final budget and tax levy will
be adopted at the December 7t" regular city
council meeting (7:00 pm at city hall)
3) Announce that the public will be allowed to
speak at this meeting before the final budget
and tax levy is adopted
4) Include this information in the meeting minutes