HomeMy WebLinkAbout5.B. 2004 Proposed Tax Levy and Budget Resolution-Res. No. 5951
City of Shakopee
Memorandum
TO: Mayor and Council
Mark McNeill, City Administrator
FROM: Gregg Voxland, Finance Director
RE: 2004 Proposed Tax Levy and Budget Resolution
DATE: September 3, 2003
Introduction
Attached is Resolution Number 5951, which sets the proposed
maximum 2003/04 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 24, 2003.
Tax Levy
The proposed maximum tax levy for 2003/04 is a General Fund levy
of $8,498,893 plus a debt service levy of $178,515. The General
Fund levy last year was $7,370,936 plus $171,749 for debt
service. The increase in the gross levy for the General Fund is
$1,127,957 or 15.3%.
Additionally, the part of the EDA levy for economic development
purposes in the amount of $60,000 will be shown as a General Fund
levy (and levy limit) as per the State Department of Revenue.
The total tax levy by the city on the tax capacity (including
general fund, EDA and debt service but excluding fire station
bonds debt service) is an estimated increase of $1,134,723 or
14.9%, from $7,602,685 to $8,737,408.
The decision to reduce the levy can be made at a later date
because it is the maximum proposed levy being adopted now which
give Council the greatest flexibility in finalizing the budget
for December.
The levy for the fire station bonds is already set by previous
action and is $265,217. 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
$20,941,800 (net of special assessments per State Auditor) . The
budget is not fixed. The comparable number last year was
$19,605,724.
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 1
with the continuation date of December 8th 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 2004 budget on
December 1 with continuation date of December 8th.
Offer Resolution Number 5951, A Resolution Setting Proposed
Maximum 2003 Tax Levy, Collectable In 2004, and move its
adoption.
Gr!:! Voxland
Finance Director
g:\budget04\budres04
RESOLUTION NO. 5951
A RESOLUTION SETTING PROPOSED MAXIMUM 2003 TAX LEVY,
COLLECTIBLE IN 2004
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 $8,342,584
plus Economic Development Authority $ 60,000
Debt Service Levy $ 334,824
Debt Service - Fire Referendum $ 265,217
(Market Value)
BE IT FURTHER RESOLVED, that the proposed expenditures for the
Governmental Funds Budget for 2004 is $20,941,800.
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, 2003.
Mayor of the City of Shakopee
ATTEST:
City Clerk