HomeMy WebLinkAbout6. 2003/04 Tax Levy and Budget Adoption Resolution-Res. No. 03-5
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SHAKOPEE EDA
Memorandum
TO: EDA Chairman and Commissioners
Mark McNeill, EDA Director
FROM: Gregg Vox 1 and , Finance Director
RE: 2003/04 Tax Levy And Budget Adoption Resolution
DATE: August 27, 2003
Introduction
Attached is Resolution Number 03-5 which requests the Shakopee
city Council to consent to the tax levy for the EDA, levy a tax
for the EDA and adopts the 2004.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
MSA 469.107 has broader purposes allowed than 469.003 but
the distinction is not clearly defined. Basically, the HRA levy
is for redevelopment. The EDA levy is for redevelopment and new
development and is included under the city's levy limit.
Resolution No. 03-5 has been prepared with a levy of $20,000
under the HRA levy MSA 469.033 and $60,000 under the EDA levy MSA
469.107. Last year the levies were $20,000 under the HRA levy
MSA 469.033 and $60,000 under the EDA levy MSA 469.107.
The proposed budget is attached with appropriations in the amount
of $219,670.
Included are the tax payments to ADC from the City and the County
and also the tax abatement payments to Certainteed. Other costs
not included but borne by the General Fund of the City are
utility costs, administrative 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 03-5, A Resolution Setting The Tax Levy
For 2003/04 By The Economic Development Authority For The City of
Shakopee And Adopting The 2004 Budget, and move its adoption.
~aAJ
Gn/gg Voxland
Finance Director
g:\budget04\budres04
RESOLUTION NO. 03-5
A RESOLUTION SETTING THE TAX LEVY FOR 2003/04 BY
THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE
CITY OF SHAKOPEE AND ADOPTING THE 2004 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 of $60,000 pursuant to MSA 469.107 to be collected in
2004 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 -1n 2004 by the
EDA and hereby requests the City Council of the City of Shakopee
to consent to such levy.
BE IT FURTHER RESOLVED, that the attached 2004 General Fund
Budget be approved wi th total appropriations in the amount of
$219,670.
Adopted in session of the Shakopee Economic
Development Authority for the City of Shakopee, Minnesota, held
this day of September, 2003.
Chairman
ATTEST:
Executive Director
2004 BUDGET
EDA FUND BUDGET SUMMARY
2001 2002 2003 2004
Actual Actual BudQet Proposed
Revenue
Taxes $ 93,746 $ 74,377 $ 80,000 $ 80,000
Intergovernmental 355,242 65,307 40,000 61,780
State Aid 5,932
Charges for Service 5,200
Interest 29,039 25,783 20,000 20,000
Miscellaneous
Total Revenue 483,959 170,667 140,000 161,780
Transfers 54,122 55,914 20,000 55,700
Total Revenue and Transfers 538,081 226,581 160,000 217,480
Expenditures
Personal Services 60,988 65,574 71 ,430 71 ,520
Supplies & Services 240,131 30,639 27,500 30,670
ADC Payment 144,522 119,920 60,000 55,630
Certainteed Payment 61,850
Contingency
Total Expenditures 445,641 216,133 158,930 219,670
Excess (Deficiency) Of Revenues
over Expenditures & Transfers 92,440 1 0,448 1,070 (2,190)
Fund Balance December 31 $ 390,832 $ 401,280 $ 391,902 $ 389,712