HomeMy WebLinkAbout9A - 2004 Budget & Tax Levy
16200 Eagle Creek Avenue S.E.
Prior Lake, MN 55372-1714
STAFF AGENDA REPORT
MEETING DATE:
AGENDA #:
PREPARED BY:
AGENDA ITEM:
DECEMBER 15, 2003
9A
RALPH TESCHNER, FINANCE DIRECTOR
CONSIDER APPROVAL OF RESOLUTION ADOPTING 2004
PRIOR LAKE BUDGETS AND CERTIFYING FINAL 2004 CITY
OF PRIOR LAKE PROPERTY TAX LEVY TO SCOTT COUNTY
DEPARTMENT OF TAXATION
DISCUSSION:
Introduction:
The purpose of this agenda item is to consider approval of the City
of Prior Lake's 2004 Operating Budget and Enterprise Fund Budget
and to determine the City's final 2004 property tax levy for
certification to the Scott County Department of Taxation office.
History:
The official budget process started in the middle of May with the
Council approving an initial budget timetable. This timetable
outlined the budget development process and required truth-in-
taxation steps necessary to prepare and eventually adopt the City's
2004 operating budgets.
The City Council conducted its initial budget study session June 2,
2003 at which time the directive to staff was to prepare an operating
budget that would be responsive to the financial elements of the
2020 Vision and Strategic Plan and have a financially responsive
property tax impact for next year. A second workshop was
conducted on August 4, 2003 where the Council reviewed the
proposed 2004 draft budget and programs associated with it.
September 2, 2003 the City Council approved the preliminary
budgets for the general and enterprise funds and initial levy under
Resolution 03-147 that would result in a proposed property tax
decrease of approximately ~%. The truth-in-taxation hearing was
then conducted on December 1, 2003 with no residents in
attendance.
Current Circumstances:
The 2004 General Operating Budget submitted for your
consideration totals $8,751,570.00, which includes necessary taxing
for general operating expenditures, capital outlay and debt service
levies.
New elements of the proposed budget are summarized as follows:
www.cityofpriorlake.com
H:\BUDGETI04budrpt.doc
Phone 952.447.4230 / Fax 952.447.4245
16200 Eagle Creek Avenue S.E.
Prior Lake, MN 55372-1714
RESOLUTION 03-XX
RESOLUTION ADOPTING 2004 PRIOR LAKE BUDGETS AND
CERTIFYING FINAL 2004 CITY OF PRIOR LAKE PROPERTY TAX LEVY
TO SCOTT COUNTY DEPARTMENT OF TAXATION
MOTION BY: SECOND BY:
WHEREAS, The City Council of the City of Prior Lake hereby adopts the 2004 General Fund
Operating Budget in the amount of $8,751,570.00, an Enterprise Fund Budget of
$2,807,992.00 and Transit Services Budget of $493,876.00 following a period of
comment and discussion during the course of a public hearing held December 1,
2003; and
WHEREAS, The City of Prior Lake's operating budget tax levy IS hereby equivalent to
$5,627,000.00; and
WHEREAS, The revolving equipment fund levy amount is calculated to be $270,000.00; and
WHEREAS, Special debt levies account for an additional tax levy of$69l,000.00; and
WHEREAS, The total property tax levy approved has been determined to be $6,588,000.00.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE, that the
proposed tax levy be distributed upon the taxable property in said City for the following purposes in
payable 2004:
Purpose Amount
* For General City Purposes $4,856,740.00
* Revolving Equipment Fund $270,000.00
* G.O. Improvement Bonds '94 (Prior South) $55,000.00
* G.O. Improvement Bonds '95 (Ridgemont) $45,000.00
* G.O. Improvement Bonds '96 (Northwood) $50,000.00
* G.O. Improvement Bonds '97 (Pike Lake) $71,000.00
* G.O. Improvement Bonds '98 (Duluth) $73,000.00
* G.O. Improvement Bonds '99 (Candy Cove) $72,000.00
* G.O. Improvement Bonds '00 (Oak Ridge) $77,000.00
* G.O. Improvement Bonds '01 (Frog Town) $64,000.00
* G.O. Improvement Bonds '02 (Pixie Point) $68,000.00
* G.O. Improvement Bonds '03 (1 50th Street) $116,000.00
** Fire Hall Referendum Bonds '93 $158,715.00
** Park Referendum Bonds '97 $611,545.00
Total... $6,588,000.00
H: IBUDGET\04taxresolution.doc
www.cityofpriorlake.com
Phone 952.447.4230 / Fax 952.447.4245
Note: Single starred funds shall be spread over the entire consolidated City of Prior Lake.
Note: Double starred funds represent market value based referendum taxes and shall be spread over the
entire consolidated City of Prior Lake.
Note: All other bond issues have sufficient fund balances to cover debt requirements.
Passed and adopted this 15th day of December, 2003.
YES
NO
Haugen
Blomberg
LeMair
Petersen
Zieska
Haugen
Blomberg
LeMair
Petersen
Zieska
{Seal}
City Manager
City of Prior Lake
H:\BUDGET\04taxresolution.doc
Tax Levy: "What are others doing and what is the impact"?
PROPERTY TAX COMPARISON
(Proposed 2004)
2004 Property Tax % Increase
ISD #719 $984.20 -0.2%
Scott County $749.80 +7.4%
Shakopee $714.12 +12.7%
Savage $1146.43 +26.3%
Prior Lake $828.75 -0.2%
Footnote:
2003 market value home - $200,000
2004 market value home - $224,000 (12% adj.)
H:IT AXlT AXCOMP04.DOC