HomeMy WebLinkAbout2016.09.19 CC PowerPoint Preliminary Tax LevyCITY OF HUGO
2017 Preliminary Tax Levy
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11
11
Mid -Year Budget Review
Staff was directed to prepare a preliminary
tax levy resolution for consideration at the
September 1 9t" Council meeting.
Goals: 1) No increase in urban tax rate
2) Provide for balanced budget
with no structural deficit
3)
Provide
funds
for
investigator
4)
Provide
funds
for
PW apprentice
2017 Proposed Tax Levy
606,793 Debt Service & Abate Levy
539,657 CIP Levy
94,923 Park Improvement Levy
64,909 Sealcoat Levy
13,742 Firefighter's Relief Levy
$4,608,497 General Operating Levy
$5,928,521 Total 2017 Proposed Levy
Fiscal Disparities Distribution
• Pay 2009 = $490,589
• Pay 2010 = $556,789
• Pay
20
• Pay
20
• Pay
20
• Pay
20
• Pay
20
• Pay 20
• Pay 20
11 = $602,566
12 = $576,529
13 = $535,259
14 = $531,665
15 = $518,463
16 = $547,656
17 = $603,076
+13.49%
+ 8.22%
- 4.32%
- 7.16%
- 0.67%
- 2.48%
+ 5.63%
+10.12%
Tax Impact
Total Urban Tax Rate
City Tax on Median Value Homestead:
Tax Capacity
Net Tax
Dollar Change
Pay 2016
Final
36.323%
$ 276,600 $
Pay 2017
Proposed
36.323%
�: •11
$ 2,766 $ 2,879
$ 1)004.69 $ 1)045.75
$ 41.06
Effects of Increasing Tax Rate
• Each 1 % increase in urban tax rate
generates $53,000 in tax revenue and
adds $10.42 to the median homestead's
tax bill.
Truth in Taxation
• September 1 9t" Council Meeting:
1) Adopt a proposed maximum tax levy
2) Announce that the final budget and tax levy will
be adopted at the December 5t" 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