6.9. SR 10-08-2012 - Laserfiche WebLink

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Elk REQUEST FOR ACTION River TO ITEM NUMBER Mayor and City Council 6.9 AGENDA SECTION MEETING DATE PREPARED BY Work Session October 10, 2012 Tim Simon, Finance Director ITEM DESCRIPTION REVIEWED By 2013 Budget Cal Portner, City Administrator REVIEWED BY ACTION REQUESTED Continue 2013 budget discussions. BACKGROUND/DISCUSSION General Fund Budget Update We just received recent updated information from the county on our preliminary 2012 tax values for taxes payable 2013. Highlighted in (red) are the new updated numbers. As you will notice,the numbers did not change significantly due to the correct state orders on utility lines. Our taxable market value (TMV) decreased 8.80% (8.82%o), but our net tax capacity (NTC) decreased 7.32% (7.34%). With the planned decertification of TIF 16 & 19, this would bring the NTC decrease to approximately 4.9% (4.91%). Also important to note, as pointed out in the county letter,that these values may still be adjusted. Adopted 2013 maximum levy is broken out as follows,with a comparison to 2012 adopted levy. City of Elk River 2013 Maximum Tax Levy Pay 2012 Pay 2013 Levy Levy General Fund $ 9,142,170 $ 9,303,135 Library 63,100 63,100 Surface Water Management 50,000 50,000 Debt Service 592,041 643,497 Tax Abatement 428,504 216,083 Total City Levy $10,275,815 $10,275,815 %Change in City Tax Levy 0.00% Included in your packet is some trend information on market values, tax capacity,budgets etc. from 2004-2012. We will spend some time reviewing the trends. As we move closer to the final budget we have a couple of adjustments to the budget and some discussion items. Following the discussion on some of the adjustments, staff will update all the numbers N:APublic Bodies\City Council\Council RCA\AgendaPacket\10-08-2012\budgetstaffreport01008.docx U RE