HomeMy WebLinkAbout060208 City Council Work Session
4646 Dakota Street S.E.
Prior Lake, MN 55372-1714
AGENDA
CITY COUNCIL WORK SESSION
Monday, June 2, 2008
4:30 p.m.
2009 Operating Budget
I. Dinner
II. 2009 Budget Workshop I
A. Budget Process and Timeline (see attached schedule)
B. Purpose of Initial Workshop
1. Council Feedback:
a) Adequacy/Effectiveness of Existing Programs
b) Desired New Programs
C. Issues Affecting 2009 Budget
1. External:
a) Legislative Mandates
b) New Valuation Growth
c) Levy Limits
d) Economy
2. Internal:
a) Labor Contracts
b) Position Freezes
c) Building Operation Utility Costs
d) Fuellncrease
e) Capital Funding Requirements;
o Park Matrix
o Street Reconstruction
o Downtown Redevelopment
n Limited Non-tax Revenue Enhancements;
g) Non-tax Revenue Losses;
o Building permit reduction
D. Council Comments:
1. Existing Programs
2. New Programs
3. Personnel
4. Tax Impact
III. Adjournment: 5:55 pm
H:\BUDGETlAgenda - budget workshop.doc
www.cityofpriorlake.com
Phone 952.447.9800 / Fax 952.447.4245
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H:\TAX\TAXEST09.DOC
2009 PROPERTY TAX DOLLAR ESTIMATE
2007 New Residential Construction
(per Year End Building Permit Summary)
2007 Building Permit Report units:
Single family 80
Townhouse units 36
2008 Tax Capacity Rates
Average single family market value
Average townhouse market value
Estimated New Tax Capacity Valuation
$31,146,000 x 1.00%
Prior Lake 2008 Tax Capacity Rate
Prior Lake 2008 Market Value Rate
New City Property Tax Dollar Calculation
.28064 x $311,460 = $ 87,408.00
.0003753 x $31,146,000 = $ 11,689.00
Misc./commercial/industrial = $ 20,000.00
Net New City Property Tax Dollars Available
for 2009 Operating Budget
(Residential) $31,146,000
Residential - 116
1 st $500,000 - 1.00%
> $500,000 -1.25%
$316,000.00
$163,000.00
$311,460.00
28.064%
0.03753%
$119,097.00
-$120,000.00
(1.0% offset to 2009 Budget inc.)