HomeMy WebLinkAbout11 01 2021 1A Budget Work Session 11.1.20212022
Preliminary Tax Levy and Budget
November 1, 2021
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June 7 Financial Planning
June 21 CIP Work Sessions
August 2 Budget Work Session
Sept. 7 Adopt Preliminary Levy and Budget
Nov. 1 Budget Work Session
Dec. 6 Public Budget meeting
Dec. 6 Adopt Final Tax Levy and Budget
Franchise Fees:
July 27 Public Information Meeting
Sept. 7 Public Hearing
Tax Levy and Budget Schedule
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The City proposed tax levy is $14,892,761. This is a levy increase of $927,304 (6.48% of total increase).
The EDA proposed tax levy is $360,000. The EDA is requesting a levy increase of $10,250 (.07% of total increase).
This has resulted in a total tax levy change of $937,554 which is presented to the Council tonight (6.55% increase).
2022 Proposed Tax Levy Change
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1 - Increase in Personal Services Expenditures; General Fund Budget Impact - $46,000
Health increase premium increase, staffing changes, increase in contribution to RHS Plan
2 - Increase in Fire & Rescue Aid Revenue: Budget Impact - $180,000
General Fund: $46,000
Facilities Management Fund: $134,000
FS#1 estimated renovation cost of $600k for FT Fire staffing. City share of $420k, Fire agreement combined total of $180k for City of Credit River/Spring Lake Township
2022 Budget Adjustments
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2022 Proposed Tax Levy Change
based on Preliminary Budgets
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Proposed levy of $15,252,761
$938,000 (6.55%) levy increase.
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2022 Base Tax Levy Considerations
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The levy request of 6.55% for the property tax levy change is below the base property tax consideration of 7.6%.
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Proposed Tax Levy Impact and Tax Rate
The cumulative change in the City tax capacity tax rate from 2018-2021 is a reduction of 8.1%
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Maintain/Improve Property Tax Rank
Scott County Tax Capacity Rate by City:
Budget Objectives/ Metrics
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*City Levy/Tax Capacity = Tax Rate
2021 Combined City of Prior Lake & EDA tax rate is 31.08% (includes the EDA levy for comparison to 2020 combined tax rate)
2022 Proposed City of Prior Lake tax rate is 30.43%
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Resident impact of City tax levy
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Annual Cost of City Services
Used $347,600 valued home for comparison (Prior Lake’s median valued home)
Includes property taxes, water, sewer and stormwater
Included comparable cities based on population and growth
Included surrounding cities of Shakopee, Lakeville, Burnsville
No Police Department/Contracted Public Safety: Chanhassen, Andover, Champlin
No Water Treatment Plant: Rosemount, Lino Lakes, Champlin, Farmington
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Resident impact – 2021 tax dollar for a median valued home
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* Other includes Scott County CDA, City EDAs ( Jordan, Prior Lake & Shakopee), Water Districts, Sewer District, & Region Nine Development Commission
Other includes Scott County CDA, City EDAs ( Jordan, Prior Lake & Shakopee), Water Districts, Sewer District, & Region Nine Development Commission
Water Districts and Sewer Districts consist of the following:
Lower Minnesota River Watershed District,
Scott County Vermillion Water Management Organization
Scott County Water Management Organization
Prior Lake – Spring Lake Watershed District
Cedar Lake Area Sewer and Water.
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Does the city council have any questions?
Is the city council comfortable with presenting the tax levy at 6.55% for adoption of the final levy on December 6th?
Council Feedback and
Direction
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Discussion
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