9. SR 09-08-2009 - Laserfiche WebLink

Home Browse Search

Further, In August staff presented pr•elirninary tax levy information based on the very preliminary tax values received from the County Auditor's office on July 28. fln September 3 staff received a memo from the County Auditor with updated maxket value and net tax capacity ~NTC~ amounts for the city, The new data indicates the NTC decreased 3.39 percent. This is an improvement from the July estimate. I~eep in mind that the final NTC will not be determined for several months a~ad it typically changes slightly after abatements and other corrections are made by the County. Several different tax levy scenarios were discussed by the Council including keeping the 2010 tax levy the same as the 2009 tax levy and beeping the tax late the same as it was in 2009, although the majority of the Council was not interested in that approach. Below are four tax levy options to help the Council determine what levy amount to approve, All of the options axe based on the updated NTC and a revised general fund budget of X12,044,800. The last column lists the additional adjustments required to balance the general fund budget under each levy option. For example, option four illustrates that a levy of X11,112,391 is needed to generate the re~renue necessary to balance a X12,044,800 budget. That levy ~s a slight decrease from the 2009 levy of $11,190,753. If the total levy is set at the same amount as in 2009, the proposed 201.0 budget reductions could be reduced by $78,362, The other two options require additional expenditures be cut from the adjusted budget, Tax Levy option -~ 1. Total Levy same as 2009 2. General Fund Levy same as 2009 3. Tax Rate same as 2009 q-. 2010 Levy to fund proposed budget les s August adj ustments General Fund Budget General Adjustments 2010 Fund to Balance Total Tax_L~v Tax Revenue to 12 044 800 $ 11,190,753 $ 9,767,312 ~ ~78,362~ 10,970,971 9,547,530 141,420 10,804,134 9,380,693 308,257 11,112,391 9,688,950 All of these options are well below the City's levy limit imposed by the State. of course, the Council does not need to choose one of the above amounts, any amount under the levy limit of $12,336,598 is allowable. Again, the levy adopted in September may be reduced on December 7 when the final levy is adopted, but it may not be i~~cxeased. The levy adopted in September will be used in the tax notices mailed to prapexty owners in November. Finally, the detail budget information was distributed to the Council for the August meetings and is not included with this memo. ~f you want another copy, please contact rne, Staff will be prepared to go over the levy and budget at the work session in as much detail as the Council desires. The Council may adopt the levy resolutions and set the budget meeting date at this worbsession or at the September 14 worksession. S,~Council~Lori120~9~~audget ~vorksessian D9 08 Q9.~oc