HomeMy WebLinkAbout15.F.1. Setting Proposed Maximum 2006 Tax Levy, Collectible in 2007-Res. No. 6474
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IS.F: I.
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City of Shakopee
Memorandum
TO: Mayor and Council
Mark McNeill, City Administrator
FROM: Gregg Voxland, Finance Director
RE: 2007 Proposed Tax Levy and Budget Resolution
DATE: August 30, 2006 ------ -
Introduction
Attached is Resolution Number 6474, which sets the proposed
maximum 2006/07 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, 2006.
Tax Levy
The proposed maximum tax levy for 2006/07 is a levy of
$13,094,800 including a levy for debt service of $1,073,752. The
levy last year was $11,310,817 including $933,006 for debt
service. The increase in the gross levy is $2,413,664 or 22.6%.
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 $246,449 (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
$31,987,370. The budget is not fixed. The comparable number last
year was $35,935,035.
Public Hearing Date
The date for the official "Truth in TaxationH pubic hearing on
the tax levy and budget that is reserved for cities is December 4
with the continuation date of December 11th 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 2007 budget on
December 4 with continuation date of December 11th.
Offer Resolution Number 6474, A Resolution Setting Proposed
Maximum 2006 Tax Levy, Collectable In 2007, and move its
adoption.
G~VOXland
Finance Director
h:\budget07\budres07
RESOLUTION NO. 6474
A RESOLUTION SETTING PROPOSED MAXIMUM 2006 TAX LEVY,
COLLECTIBLE IN 2007
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 $12,788,351
Plus Economic Development Authority 60,000
Debt Service - Fire Referendum 246,449
(Market Value)
BE IT FURTHER RESOLVED, that the proposed expenditures for the
Governmental Funds Budget for 2007 is $31,987,370.
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 fifth day of September, 2006.
Mayor of the City of Shakopee
ATTEST:
City Clerk