HomeMy WebLinkAbout6. 2004/2005 Tax Levy and Budget Adoption-Res. No. 2004-4
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SHAKO PEE EDA
Memorandum
TO: EDA Chairman and Commissioners
Mark McNeilll EDA Director
FROM: Gregg Voxlandl Finance Director
RE: 2004/05 Tax Levy And Budget Adoption Resolution
DATE: August 311 2004
Introduction
Attached is Resolution Number 2004-4 which requests the Shakopee
City Council to consent to the tax levy for the EDAI levy a tax
for the EDA and adopts the 2005 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. BasicallYI 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. 2004-4 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 $201000 under the HRA levy
MSA 469.033 and $601000 under the EDA levy MSA 469.107.
The proposed budget is attached with appropriations in the amount
of $314/080.
Included are the tax payments to Certainteed from the City and
the County and the tax abatement payments for the Ryan project do
not start yet. Other costs not included but borne by the General
Fund of the City are utility costsl administrative overhead such
as accounting and bill processing/payroll 1 publishingl postagel
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 2004-4, A Resolution Setting The Tax Levy
For 2004/05 By The Economic Development Authority For The City of
Shakopee And Adopting The 2005 Budget, and move its adoption.
~ Voxland
Finance Director
g:\budgetOS\budresOS
RESOLUTION NO. 2004-4
A RESOLUTION SETTING THE TAX LEVY FOR 2004/05 BY
THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE
CITY OFSHAKOPEE AND ADOPTING THE 2005 BUDGET
WHEREAS, the Economic Development Authority (EDA) in and for the
City of Shakopee was created pursuant to Minnesota Statutes,
Section469.051et 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 theEDA 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
2005 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 in 2005 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 2005 General Fund
Budget be approved with total appropriations in the amount of
$314,080.
Adopted in session of the Shakopee Economic
Development Authority for the City of Shakopee, Minnesota, held
this Seventh day of September, 2004.
Chairman
ATTEST:
Executive Director
"
CITY OF SHAKOPEE
EDA FUND
2005 BUDGET
EDA FUND BUDGET SUMMARY
2002 2003 2004 2005
Actual Actual Bud~et Proposed
Revenue
Taxes $ 74,377 $ 74,618 $ 80,000 $ 80,000
Intergovernmental 65,307 72,620
State Aid
County (Tax abatement) 58,322 32,620
Charges for Service 5,200
Interest 25,783 6,901 20,000 20,000
Miscellaneous
Total Revenue 170,667 139,841 172,620 132,620
Transfers 55,914 52,950 49,230 29,230
Total Revenue and Transfers 226,581 192,791 221,850 161,850
Expenditures
Personal Services 65,574 74,683 71,520 75,710
Supplies & Services 30,639 15,113 30,670 26,520
Downtown Fayade Program 50,000
ADC Payment 119,920 111 ,272 55,630 Closed
Certainteed Payment " " 61,850 61,850
Revolving Loan Fund 100,000
Contingency
Total Expenditures 216,133 201,068 219,670 314,080
Excess (Deficiency) Of Revenues
over Expenditures & Transfers 1 0,448 (8,277) 2,180 (152,230)
Fund Balance December 31 $ 401,280 $ 393,003 $ 395,183 $ 242,953