HomeMy WebLinkAbout13.F.1. 2008 Proposed Tax Levy and Budget Resolution-Res. No. 6644
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City of Shakopee
Memorandum
TO: Mayor and Council
Mark McNeill, City Administrator
FROM: Gregg Voxland, Finance Director
RE: 2008 Proposed Tax Levy and Budget Resolution
DATE: August 30, 2007
Introduction
Attached is Resolution Number 6644, which sets the proposed
maximum 2007/08 tax levy.
Time frames
The existing law requires that Shakopee certify a proposed
budget, budget hearing date and proposed maximum tax levy to the
county by September 15. The City has to certify the final levy to
the county by December 23, 2007.
Tax Levy
The proposed maximum tax levy for 2007/08 is a levy of
$14,252,007 including a levy for debt service of $1,151,007 which
includes the market value referendum levy. The levy last year
was $12,725,449 including $1,073,752 for debt service. The
increase in the gross levy is $1,526,558 or 12%.
Additionally, the part of the EDA levy for economic development
purposes in the amount of $60,000 is included in the levy (and
levy limit as per the State Department of Revenue) .
The decision to reduce the levy can be made at a later date
because it is the maximum proposed levy being adopted now.
The levy for the fire station bonds is already set by previous
action and is $251,752 (included above) . This levy is on the
market value of real estate and not the tax capacity value.
Governmental Funds Budget
The Council is required to certify a proposed budget to the
County Auditor by September 15th. Council may change the amount
up or down for the final budget. The resolution includes the
Governmental Funds Budget proposed expenditures in the amount of
$35,334,840. The budget is not fixed. The comparable number last
year was $35,167,785.
Public Hearing Date
The date for the official UTruth in Taxation" pubic hearing on
the tax levy and budget that is reserved for cities is December 3
with the continuation date of December 10th if needed.
Alternatives
1. Adopt resolution as drafted.
2. Increase or decrease amounts for tax levy or budget in the
resolution.
Action
Move to set the public hearing date for the 2008 budget on
December 3 with continuation date of December 10th.
Offer Resolution Number 6644, A Resolution Setting Proposed
Maximum 2007 Tax Levy, Collectable In 2008, and move its
adoption.
;J
Gregg Voxland
Finance Director
h:\budget08\budres08
RESOLUTION NO. 6644
A RESOLUTION SETTING PROPOSED MAXIMUM 2007 TAX LEVY,
COLLECTIBLE IN 2008
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SHAKOPEE,
COUNTY OF SCOTT, MINNESOTA, that the following amounts be levied
as the proposed maximum tax levy in accordance with existing law
for the current year upon the taxable property in the City of
Shakopee;
General Levy $13,940,255
Plus Economic Development Authority 60,000
Debt Service - Fire Referendum 251,752
(Market Value)
BE IT FURTHER RESOLVED, that the proposed expenditures for the
Governmental Funds Budget for 2008 is $35,334,840.
BE IT FURTHER RESOLVED, that the City Clerk is hereby instructed
to transmit a certified copy to this resolution to the County
Auditor of Scott County, Minnesota.
Adopted in session of the City Council of the City of
Shakopee, Minnesota held this day of September, 2007.
Mayor of the City of Shakopee
ATTEST:
City Clerk