HomeMy WebLinkAbout8A - 1994 Final Tax Levy
DATE:
INTRODUCTION:
BACKGROUND:
DISCUSSION:
ALTERNATIVES:
8 (A)
RALPH TESCHNER FINANCE DIRECfOR
CONSIDER APPROVAL OF RESOLUTION 93-107 ADOPTING 1994
PRIOR LAKE BUDGET AND CERTIFYING FINAL 1994 CITY OF
PRIOR LAKE TAX LEVY TO SCOTI' COUNTY AUDITOR
DECEMBER 20, 1993
The purpose of this agenda item is to consider approval of the City of
Prior Lake's 1994 Operating Budget and to certify the City's flnal1994
property tax levy to the Scott County Auditor's Office.
The budget process started in the beginning of June with the Council
approving an initial budget timetable. Since then, three workshops were
held on July 19th, August 30th and October 18th, 1993. The process
concluded with the budget public hearing conducted on 12/8/93 and
concluded on 12/15/93.
Final budget reductions of $64,605.00 resulted in a $4,779,110 Operating
Budget These cuts resulted in trimming back the operating expense levy
increase percentage from 9% to 5.47% as directed by the City Council.
This further reduced the estimated property tax increase on the average
$110,000 home in Prior Lake by $15.00 from approximately $146.00 to
$131.00.
Also, with these revisions, the final property tax levy amount of
$2,798,395.00 will produce a net taxation for 1994 of $2,427,120 after
fiscal disparities aid deduction. As indicated in the attached Resolution
93-107, special debt levies outside the scope of our 1994 operating budget
account for $613,000.00.
The following alternatives are available to the City Council:
1. Approve Resolution 93-107 thereby adopting the City of
Prior Lake's 1994 Operating Budget and final property tax
levy.
2. Reduce the property tax amount within Resolution 93-107
and approve an adjusted operating budget as determined by
Council consensus.
RECOMMENDATION: Staff would recommend that the City Council approve Resolution 93-107
as submitted as this is the last date for City Council action. The final
property tax levy must be certified to the Scott County Auditor's Office no
later than 5 working days after December 20th (December 28, 1993) as
prescribed by Minnesota statute.
ACTION REQUIRED: A motion to approve Resolution 93-107 Adopting 1994 Prior Lake Budget
and Certifying Final City of Prior Lake Tax Levy to Scott County Auditor.
Al.WRT
4629 Dakota 51. 5.E., Prior Lake, Minnesota 55372 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER
RESOLUTION 93-107
RESOLUTION ADOPTING 1994 PRIOR LAKE BUDGET
AND CERTIFYING FINAL CITY OF PRIOR LAKE TAX LEVY
TO SCOTT COUNTY AUDITOR
MOTION BY:
WHEREAS,
SECONDED BY:
the City Council of the City of Prior Lake hereby adopts the 1994 Operating
Budget following a period of comment and discussion during the course of a
public hearing held December 8, 1993 and continued until December 15, 1993;
and
WHEREAS,
WHEREAS,
special debt levies account for $613,000.00 of the aforementioned levy; and
the City of Prior Lake's operating budget tax levy is hereby equivalent to
$2,185,795.00; and
WHEREAS,
the total property tax levy approved has been determined to be $2,798,795.00.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council that the proposed tax
levy be distributed upon the taxable property in said City for the following purposes in payable
1994:
* For General City Purposes
* G.O. Improvement Bonds '87 (Carriage Hill)
* G.O. Improvement Bonds '88 (North Shore Oaks)
* Advance Refunding Bonds '92 (North Shore)
* Advance Refunding Bonds '92 (Water Tower)
* Crossover Refunding Bonds '92 (Downtown Overlay)
* G.O. Improvement Bonds '93 (Waterfront Passage)
* * Capital Park Bonds of '73 & '77
*** Fire Hall Referendum Bond '93
$2,037,335.00
36,000.00
12,000.00
125,000.00
100,000.00
100,000.00
240,000.00
37,500.00
110,960.00
$2,798,795.00
Note: Single starred funds shall be spread over the entire consolidated City of Prior Lake.
Note: Double starred funds shall be spread over the consolidated City except for the former
Savage portion subject to annexation.
Note: Triple 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.
4629 Dakota S1. S.E., Prior Lake, Minnesota 55372 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPI.DYER
Passed and adopted this 2llih day of December. 1993.
YES
NO
Andren
Fitzgerald
Kedrowski
Scott
White
Andren
Fitzgerald
Kedrowski
Scott
White
Frank Boyles
City Manager
City of Prior Lake
{Seal}
IUDl1.WRT