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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 Step #1 Step #2 Step #3 Step #4 Step #5 Step #6 Step #7 Step #8 Step #9 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.)