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<br />Indirect Debt
<br />
<br />Taxinq Unit
<br />
<br />Sherburne County
<br />ISO 728 (Elk River)
<br />
<br />1998 Taxable
<br />Net Tax Capacity
<br />$56,503,852
<br />27,163,846
<br />
<br />G.O. Debt
<br />As of 9-2-99
<br />$13,445,000
<br />65,435,664
<br />
<br />Debt Applicable to
<br />Tax Capacity in City
<br />Percent Amount
<br />
<br />21.9%
<br />45.6
<br />
<br />$ 2,944,455
<br />29,838,663
<br />
<br />$32,783,118
<br />
<br />Total
<br />
<br />Debt Ratios
<br />
<br />To 1998 Indicated Market Value ($804,826,203)
<br />Per Capita (14,667- 1998 Estimate)
<br />
<br />G.O. Net
<br />Direct Debt *
<br />1.92%
<br />$1,056
<br />
<br />G.O. Indirect &
<br />Net Direct Debt*
<br />6.06%
<br />$3,326
<br />
<br />* Excludes general obligation debt supported by revenue, revenue debt, and the State Loan. Includes
<br />lease purchase obligations.
<br />
<br />Source: U. S. Census, State Demographer
<br />
<br />CITY TAX RATES, LEVIES AND COLLECTIONS
<br />
<br />(a) Taxes are determined by multiplying the net tax capacity by the tax capacity rate, expressed as a
<br />percentage. (See Appendix 11I).-
<br />
<br />(b) In addition to the tax rates stated above, Independent School District 728 has an excess levy spread
<br />over the market value of the District, which is 0.13629% for 1998/99.
<br />
<br />Tax Levies and Collections
<br />
<br />Levy/Collect
<br />1998/99
<br />1997/98
<br />1996/97
<br />1995/96
<br />1994/95
<br />
<br />Gross
<br />Levy
<br />$4,230,293
<br />3,852,600
<br />3,544,555
<br />3,163,670
<br />2,837,791
<br />
<br />Net
<br />Levv*
<br />$3,629,214
<br />3,251,215
<br />2,943,464
<br />2,570,291
<br />2,223,394
<br />
<br />. Collected During
<br />Collection Year
<br />Amount Percent
<br />
<br />Collected
<br />As of 12-31-98
<br />Amount Percent
<br />
<br />(In Process of Collection)
<br />$3,174,240 97.6% $3,174,240
<br />2,877,481 97.8 2,908,448
<br />2,530,853 98.5 2,553,847
<br />2,186,923 98.4 2,211,565
<br />
<br />97.6%
<br />98.8
<br />99.4
<br />99.5
<br />
<br />The net levy excludes Homestead and Agricultural Aid (HACA) and other property tax credits. The
<br />net levy is the basis for computing the tax capacity rates.
<br />
<br />-14-
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