2.0. SR 12-04-2000 - Laserfiche WebLink

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. The city net levy in 2001 is proposed to increase by $461,778. This is an 11.56 percent increase. However, it is estimated that the city tax rate will increase by only 1 percent in 2001. The city tax rate is projected to go from 30.248 to 30.55. The amount of tax revenue being generated can increase significantly with only a minor impact on the city tax rate due to the estimated 10.64 percent increase in the overall city net tax capacity. This net tax capacity increase reflects the substantial growth in the city's tax base over the past year. (These figures are based on the September information from the county.) Accordingly, if your property value did not increase in the past year, the city's share of your taxes should only increase by about 1 percent. On the other hand, if your value increased, then you will see a larger increase in the amount of taxes to be paid. The city General Fund Budget is proposed in the amount of $6,470,000 for 2001. This is a $607,500 or 10.36 percent increase over the adopted 2000 budget. Over 59 percent of the revenues for the General Fund Budget come from taxes. The largest expenditure category in the General Fund is personal services. Over 70 percent of the total General Fund expenditures for the city are for employees and employee related benefits. . The Truth in Taxation presentation by staff will be similar to what has taken place the last few years. This presentation will include review of revenues and expenditures by categories and will not include a discussion of individual departments or line item details unless requested by the City Council or the public. In the past, few people have attended this public hearing and the presentation of information has, more than anything, been for the public at home watching on Cable TV. Each year is somewhat different and I am not sure what to expect for this upcoming Truth in Taxation public hearing. . Attached for your information is the proposed 2001 General Fund Budget. Also attached are the overheads that will be used for the presentation at the public hearing. These two items, plus revenue and expenditure summary pages, county tax rate data, League of Minnesota Cities information on tax rates, and a newspaper article on property taxes will all be available for the public at the December 4,2000, public hearing. According to the Truth in Taxation law, the City Council cannot adopt the tax levy or budget at the December 4,2000, meeting. The tax levy and budget cannot be adopted at any meeting where a public hearing is held. If the December 4,2000, public hearing is closed, then the City Council must announce that the budget and tax levy issue will be continued for consideration and adoption at the 6:30 p.m., Monday, December 11, 2000,