HomeMy WebLinkAbout4. 2007/2008 Tax Levy and Budget Adoption Resolution-Res. No. 2007-2
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SHAKO PEE EDA
Memorandum
TO: EDA Chairman and Commissioners
Mark McNeill, EDA Director
FROM: Gregg Voxland, Finance Director
RE: 2007/08 Tax Levy and Budget Adoption Resolution
DATE: August 15, 2007
Introduction
Attached is Resolution Number 2007-2 which requests the Shakopee
City Council to consent to the tax levy for the EDA, levy a tax
for the EDA and adopts the 2008 budget.
Background
There are two statutes under which a tax for the purposes of the
EDA may be levied. The major differences as far as the levy is
concerned are:
HRA EDA
469.033 469.107
Levied by EDA City
City consent yes yes
Under City levy limit no yes
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MSA 4691107 has broader purposes allowed than 469.003 but
the distincti~n is not clearly defined. Basically, the HRA levy
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is for redeveiopment. The EDA levy is for redevelopment and new
development and is included under the city's levy limit.
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Resolution Not 2007-2 has been prepared with a levy of $20,000
under the HRAllevy MSA 469.033 and $60,000 under the EDA levy MSA
469.107. Last year the levies were $20,000 under the HRA levy
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MSA 469.033 a~d $60,000 under the EDA levy MSA 469.107.
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The proposed ~udget is attached with appropriations in the amount
of $123,770. I
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Included are the tax payments to Certainteed from the City and
the County fot the abatement program. Other costs included are
$19,200 to th~ General Fund of the City are utility costs,
administrativ~ overhead such as accounting and bill
processing/payroll, publishing, postage, and other employee's
time on related issues.
The EDA needs to adopt a proposed maximum levy and budget amount
by September 15 for certification to the County Auditor. That
levy will be used for the tax notice mailed to property owners.
Action
Offer Resolution Number 2007-2, A Resolution Setting The Tax Levy
For 2007/08 By The Economic Development Authority For The City of
Shakopee And Adopting The 2008 Budget, and move its adoption.
~
Gregg Voxland
Finance Director
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RESOLUTION NO. 2007-2
A RESOLUTION SETTING THE TAX LEVY FOR 2007/08 BY
THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE
CITY OF SHAKOPEE AND ADOPTING THE 2008 BUDGET
WHEREAS, the Economic Development Authority (EDA) in and for the
City of Shakopee was created pursuant to Minnesota Statutes,
Section 469.051 et seq., as amended, and
WHEREAS, Section 469.107 states that for economic development
purposes, the governing body of the municipality may levy a tax
at the request of the EDA, and Section 469.033 states that for
redevelopment purposes, the EDA may levy a tax with the consent
of the governing municipality, and
WHEREAS, the By-Laws of the EDA for the City of Shakopee provides
that a budget be prepared on an annual basis,
NOW, THEREFORE, BE IT RESOLVED BY THE ECONOMIC DEVELOPMENT
AUTHORITY OF THE CITY OF SHAKOPEE, MINNESOTA, that the EDA hereby
requests the City Council of the City of Shakopee to levy a
special tax o~ $60,000 pursuant to MSA 469.107 to be collected in
2008 for the EDA by the City of Shakopee.
BE IT FURTHER RESOLVED, that the EDA levies a special tax of
$20,000 pursuant to MSA 469.033 to be collected in 2008 by the
EDA and hereby requests the City Council of the City of Shakopee
to consent to isuch levy.
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BE IT FURTHER RESOLVED, that the 2008 General Fund
Budget be ap~roved with total appropriations in the amount of
$123,770.
Adopted in session of the Shakopee Economic
Development Authority for the City of Shakopee, Minnesota held
this day of August, 2007.
Chairman
ATTEST:
Executive Director
CITY OF SHAKOPEE
EDA FUND
2008 BUDGET
EDA FUND BUDGET SUMMARY
2005 2006 2007 2008
Actual Actual Budaet Proposed
Revenue
Taxes $ 75,979 $ 75,584 $ 80,000 $ 80,000
Intergovernmental
State Aid
County (Tax abatement) 26,282 27,482 28,000 26,500
Charges for Service 5,200 5,200
Interest 6,920 13,438 6,000 13,000
Miscellaneous
Total Revenue 114,381 116,504 119,200 119,500
Expenditures
Personal Services 20,363 17,219 94,520 12,420
Supplies & Services 21,585 6,923 45,770 58,850
Downtown Fac;ade Program 49,966
ADC Payment Closed
Certainteed Payment 82,476 54,000 52,500
Ryan Pmt 44,000
Total Expenditures 91,914 106,618 238,290 123,770
Excess (Deficiency) of 22,467 9,886 (119,090) (4,270)
Revenues over Expenditures
Transfers In 29,230 25,479 70,000 26,000
Transfers Out (100,000) (19,200) (19,200)
Excess (Deficiency) Of Revenues
over Expenditure~ & Transfers (48,303) 35,365 (68,290) 2,530
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Fund Balance Januarly 1 364,449 316,146 351,511 283,221
I $ 316,146 $ 351,511 $ $
Fund Balance Decem;ber 31 283,221 285,751
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