HomeMy WebLinkAbout9C 2017 Preliminary Budget and Tax Levy PresentationSeptember 26, 2016
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By September 30, the City Council must:
Adopt a preliminary budget and certify a
preliminary property tax levy for pay 2017
Announce the time and place of the
meeting when the budget and levy will be
discussed and public input allowed
2017 Preliminary Tax
Levy and Budget
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Oct. 12 –Town Hall Budget meeting
Nov. 14 –Budget Work Session
Nov. 28 –Public Budget meeting
Dec. 12 –Adopt Final Tax Levy and Budget
Tax Levy and Budget
Schedule
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Bond Rating –Maintain/improve current
rating (Aa2)
2016 –S&P Rating AA+
General Fund Reserves –40% to 50%
2015 Year End –47%
Property Tax Rank –Maintain/improve
Property Taxes/HH –Growth plus inflation
General Fund Expenditures/HH –Growth plus
inflation
Budget Objectives/ Metrics
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City Tax Capacity Rate*
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25.00%
30.00%
35.00%
40.00%
45.00%
50.00%
2010 2011 2012 2013 2014 2015 2016
Prior Lake 7-County Metro Average
*City Levy/Tax Capacity = Tax Rate
Total Tax Capacity Rate*
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90.00%
100.00%
110.00%
120.00%
130.00%
140.00%
150.00%
2010 2011 2012 2013 2014 2015 2016
Prior Lake 7-County Metro Average
*City, County, School, and Special Districts
G.F. Operating Expenditures
Per Household
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$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
$1,700
$1,800
$1,900
$2,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Budget
2016
Prelim
2017
Expected Op. Expenditures/HH Op. Expenditures/HH
Property Tax Levy Per Household
8
$700
$800
$900
$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Property Tax Levy/HH Expected Property Tax Levy/HH
Tax Supported Funds
General
Debt Service
Revolving Equipment
Revolving Park Equipment
Facilities
Economic Development Authority
2017 Budgets
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10
2017 Property Tax
Levy Comparison
General Fund
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2016
Amended
Budget
2017
Proposed
Budget
$
Change
%
Change
Revenues 12,775,738 13,047,917 272,179 2.13
Expenditures 13,008,738 13,097,917 89,179 0.69
Difference 233,333*50,000*
*Use of Reserves
Revenues -$13.05M
Property Taxes -$8.3M (63.5%)
Charges for Services -$1.7M (13.2%)
Intergovernmental -$1.5M (11.8%)
Expenditures -$13.1M
Police -$3.7M (28.5%)
Street -$1.4M (10.7%)
Parks -$ 1.4M (9.9%)
General Fund
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G. F. Revenues
13
Property Tax Levy
-Tax Capacity,
$7,271,555
Property Tax Levy
-Market Value,
$1,018,020
Licenses &
Permits,
$584,220
Intergovernmental, $1,542,735
Charges for
Services,
$1,727,587
Other Revenues,
$173,800
Bond Proceeds,
$300,000
Transfers From
Other Funds,
$430,000
Cost Components
Personnel -$8.35M (63.8%)
Current Expenditures -$3.64M (27.8%)
Capital Outlay -$83.4k (<1%)
Transfer Out –1.02M (7.8%)
Increase -$89,178
General Fund
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G. F. Expenditures
15
Employee
Services,
$8,354,348
Current
Expenditures,
$3,642,159
Capital Outlay,
$83,391
Transfers To
Other Funds,
$1,018,019
2017 Budget -$160,825
Preliminary Tax Levy -$140,000
Tech Village Rent -$8,500
Use of Fund Balance -$9,825
Economic
Development Authority
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Service Challenges
Proactive Policing
Winter Maintenance
Transportation Projects
Aging Fleet impact to operations
Parks, trails and natural area maintenance
Technology Replacement
EAB
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EMV -$3.65B (+3.2%)
Residential -$2.73B (+2.74%)
New Construction -$44.7M (-13.2%)
TMV -$2.94B (+3.34%)
Median Value Home -$266,900 (+4.0%)
Average Value Home -$307,300 (+1.7%)
Pay 2017 Preliminary
Property Values
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Council Feedback and
Direction
1.Preliminary 2017 Budgets
2.Recommended new/increased fees
3.Preliminary property tax levy
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