HomeMy WebLinkAbout4. 2009/10 Tax Levy and Budget Adoption Resolution-Res. No. 2009-1
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SHAKOPEE EDA
Memorandum
TO: EDA Chairman and Commissioners
Mark McNeill, EDA Director
FROM: Gregg Voxland, Finance Director
RE: 2009/10 Tax Levy and Budget Adoption Resolution
DATE: August 12, 2009
Introduction
Attached is Resolution Number 2009-1 which requests the Shakopee
City Council to consent to the tax levy for the EDA, levy a tax
for the EDA and adopts the 2010 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 1 evy
is for redevelopment and is limited to .0185% of taxable market
value. The EDA levy is for redevelopment and new development
and is included under the city's levy limit and is limited to
.01813% of taxable market value.
Resolution No. 2009-1 has been prepared with a levy of $-0-
under the HRA levy MSA 469.033 and $-0- 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 $39,210.
Other costs are an $11,200 transfer to the General Fund of the
City for utility costs, administrative overhead such as
accounting and bill processing/payroll, publishing, 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 2009-1, A Resolution Setting The Tax
Levy For 2009/10 By The Economic Development Authority For The
City of Shakopee And Adopting The 2010 Budget, and move its
adoption.
Gregg Voxland
Finance Director
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RESOLUTION NO. 2009-1
A RESOLUTION SETTING THE TAX LEVY FOR 2009/10 BY
THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE
CITY OF SHAKOPEE AND ADOPTING THE 2010 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, th~ 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 $-0-
pursuant to MSA 469.107 to be collected in 2010 for the EDA by the
City of Shakopee.
BE IT FURTHER RESOLVED, that the EDA levies a special tax of $-0-
pursuant to MSA 469.033 to be collected, in 2010 by the EDA and hereby
requests the City Council of the Ci ty of Shakopee to consent to such
levy.
BE IT FURTHER RESOLVED, that the attached 2010 General Fund Budget be
approved with total appropriations and transfers in the amount of
$50,410.
Adopted in session of the Shakopee Economic Development
Authority for the City of Shakopee, Minnesota held this day of
, 2009.
Chairman
ATTEST:
Executive Director
CITY OF SHAKO PEE
2010-11 BUDGET
EDA FUND BUDGET SUMMARY
2007 2008 2009 2010 2011
Actual Actual Budaet Proposed Proposed
Revenue
Taxes $ 76,428 $ 77,081 $ 80,000
Intergovernmental
State Aid
County (Tax abatement) 26,376 31,440 33,000
Charges for Service
Interest 20,685 22,746 16,000 15,000 15,000
Miscellaneous
Total Revenue 123,489 131,267 129,000 15,000 15,000
Expenditures
Personal Services 9,318 4,693 7,790 4,960 4,960
Supplies & Services 6,975 4,787 43,890 34,250 39,980
Downtown Fagade Program 1,703
Certainteed Payment 51,887 62,937 65,000
Ryan Pmt 45,543
Total Expenditures 115,426 72,417 116,680 39,210 44,940
Excess (Deficiency) of
Revenues over Expenditures 8,063 58,850 12,320 (24,210) (29,940)
Transfers In 80,033 36,140 32,000
Transfers Out (19,200) (19,200) (19,200) (11,200) (11,200)
Excess (Deficiency) Of Revenues
over Expenditures & Transfers 68,896 75,790 25,120 (35,410) (41,140)
Fund Balance January 1 303,207 372,105 447,895 473,015 437,605
Fund Balance December 31 $ 372,105 $ 447,895 $ 473,015 $ 437,605 $ 396,465