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Home My WebLink About8A - 2001 P.L. Tax Levy DISCUSSION: STAFF AGENDA REPORT DECEMBER 18, 2000 ~PH TESCHNER, FINANCE DIRECTOR k 00 -It&:' CONSIDER APPROVAL OF RESOLUTION ADOPTING 2001 PRIOR LAKE BUDGETS AND CERTIFYING FINAL 2001 CITY OF PRIOR LAKE PROPERTY TAX LEVY TO SCOTT COUNTY DEPARTMENT OF TAXATION Introduction: The purpose of this agenda item is to consider approval of the City of Prior Lake's 2001 Operating Budget and Enterprise Fund Budget and to determine the City's final 2001 property tax levy for certification to the Scott County Department of Taxation office. History: Early in the year the City Council established a top priority goal for the "Successful development of a year 2001 General Fund Budget that will yield at least an average individual tax reduction of 7% on the City portion of real estate taxes with no reduction in City services ". Thereafter 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 2001 operating budget. On June 19, 2000 the City Manager announced a comprehensive Reorganization Plan in an effort to address the City Council's top priority goal. Subsequently, a workshop was conducted on August 14, 2000 where the Council reviewed a proposed 2001 draft budget and programs associated with it. On September 5, 2000 the City Council approved a proposed budget and initial levy under Resolution 00-79 which provided the basis for the recent individual truth-in-taxation notices received by the public. The overall process culminated with the truth-in-taxation public hearing conducted by the City on December 4, 2000 attended by one Prior Lake taxpayer. Public input from one individual was offered and the public hearing was closed. Current Circumstances: The 2001 budget proposed by the City Manager achieves the City Council's objective and actually decreases the city portion of the property tax by 10% for the majority of Prior Lake residents. 16200 Eagle Creek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245 AN EQUAL OPPORTUNITY EMPLOYER H:\BUDGE1\OObudrpl.doc ALTERNATIVES: RECOMMENDATION: RECOMMENDED MOTION: REVIEWED BY: Attachments: H:IBUDGET\OObudrpt.doc The 2001 General Operating Budget submitted for your consideration totals $7,517,047 includes necessary taxing for general operating expenditures, capital outlay and debt service levies. No changes are recommended within the formal document as it represents the same budget totals as the previously approved preliminary budget. This budget represents an increase of approximately 2Yi% above the current level of expenditures, and will produce a final property tax levy of $4,728,647 that includes a revolving equipment fund levy of $250,000 and $575,000 of special debt levies. The total property tax levy represents a decrease of $138,081 or 2.8% lower than the current year. Also requested for approval is the 2001 Enterprise Fund Budget of $2,088,646 that reflects an increase of 14.2% above this year's budget due primarily to $190,000 of capital improvement projects (ponds, ditches etc.) set forth in the Water Quality Utility Budget. No changes have occurred in this budget from the original draft. The following alternatives are available to the City Council: 1. Approve Resolution Adopting 2001 Prior Lake Budgets and Certifying Final 2001 City of Prior Lake Property Tax Levy to Scott County Department of Taxation. 2. Amend Resolution according to specified Council changes. Alternative 1. Staff would recommend that the City Council approve the resolution as submitted as this is the last regular meeting date in 2000. The final property tax levy amount must be certified to the Scott County Department of Taxation Office no later than 5 working days after December 20th (December 28, 2000) as prescribed by Minnesota statute. Motion and a second to approve Resolution Adopting 2001 Prior Lake Budgets and Certifying Final 2001 City of Prior Lake Property Tax Levy to Scott nty Department of Taxation. 1. Res tion Adopting 2001 Prior Lake Budgets and Certifying Final 2001 City of Prior Lake Property Tax Levy to Scott County Department of Taxation. RESOLUTION OO-XX RESOLUTION ADOPTING 2001 PRIOR LAKE BUDGETS AND CERTIFYING FINAL 2001 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 2001 General Fund Operating Budget in the amount of $7,517,047.00 and an Enterprise Fund Budget of $2,088,646.00 following a period of comment and discussion during the course of a public hearing held December 4, 2000; and WHEREAS, The City of Prior Lake's operating budget tax levy IS hereby equivalent to $3,903,647.00; and WHEREAS, The revolving equipment fund levy amount is calculated to be $250,000.00; and WHEREAS, Special debt levies account for an additional tax levy of $575,000.00; and WHEREAS, The total property tax levy approved has been determined to be $4,728,647.00. NOW THEREFORE, BE IT RESOL YED 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 2001: Purpose Amount ~ * For General City Purposes $2,860,70,"00 * For Opt-out Transit Purposes $317,45iOO * Revolving Equipment Fund $250,000.00 * G.O. Improvement Bonds '94 (Prior South) $64,000.00 * G.O. Improvement Bonds '95 (Ridgemont) $110,000.00 * G.O. Improvement Bonds '96 (Northwood) $68,000.00 * G.O. Improvement Bonds '97 (Pike Lake) $84,000.00 * G.O. Improvement Bonds '98 (Duluth) $82,000.00 * G.O. Improvement Bonds '99 (Candy Cove) $84,000.00 * G.O. Improvement Bonds '00 (Oak Ridge) $83,000.00 ** Fire Hall Referendum Bonds '93 $164,115.00 ** Park Referendum Bonds '97 $561,370.00 Total... $4,728,647.00 Note: Single starred funds shall be spread over the entire consolidated City of Prior Lake. 162~t')~W'~lrnm Ave. S.E.. Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 I Fax (612) 447-4245 AN EQUAL OPPORTUNITY EMPLOYER ......__.......____---.....--."'."'. .._ .,_, "'_,_.,~,.~..,..~.._.__.___._._.,~..._~_.....__~..c'__._.......,,.._. 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 18th day of December, 2000. YES NO Mader Ericson Gundlach Petersen Zieska Mader Ericson Gundlach Petersen Zieska {Seal} City Manager City of Prior Lake H:IBUDGET\O 1 taxres.doc