HomeMy WebLinkAbout8 - Preliminary 1992 tax Levy
I
AGENDA:
REQUESTED BY :
SUBJECT MATTER:
DATE:
INTRODUCTION:
DISCUSSION:
HERITAGE
1891
COMMUNITY
1991
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RALPH TESCHNER, FINANCE DIRECTOR
CONSIDER APPROVAL OF PRELIMINARY 1992 TAX LEVY
RESOLUTION 91-35
AUGUST 19, 1991
Property tax legislation requires each that
"taxing authority" certify a proposed property
tax levy for payable 1992 to the County
Auditor on or before September 1, 1991. The
purpose is to allow the County adequate time
to prepare, calculate and mail generic notices
of proposed property taxes for the upcoming
year based upon the tax proposals of the
County, School District and City.
In addition to this information, the date,
time and place for the scheduled public
hearings of each of the respective entities is
shown. Currently, the information is presented
in a fairly general format. Next year, parcel
specific notices are expected which will
express the exact dollar amount differences of
the property tax from year to year.
New for this year is that the property tax
notices will show a weighted average of the
total percent change of all of the proposed
levies. The intent was to give the property
taxpayer a clearer picture of how his total
tax bill is expected to change. Unfortunately,
this composite average has a tendency to
represent favorably those taxing jurisdictions
with high increases and skew those which have
maintained small increases percentage wise.
The budget public hearing dates selected
reserved for the City of Prior Lake
November 18, 1991 and December 2, 1991 in
event of a Council continuation. During
time period the budget will formally
discussed and acted upon.
and
are
the
this
be
However, it is essential the City initially
certifies the greatest allowable amount under
the levy limits because once certified, a city
is then restricted to downward adjustments
only and can NOT increase its final levy. By
ado~ting this resolution, you are ~roviding
ult1mate flexibility for your discuss10ns this
Fall.
4629 Dakota St. S.E., Prior Lake. Minnesota 55372 / Ph. (612) 447-4230 / Fax (612) 447-4245
RECOMMENDATION:
ALTERNATIVES:
ACTION REQUIRED:
Therefore, the amount of the proposed levy
within the resolution is based upon the
1991/1992 levy subject to limitation of
$2,137,290 ~lus specially exempt levies of
$692,790 wh1ch are for the most part debt
related. It is antici~ated that such a levy
will support a prelim1nary general fund budget
of $3,573,250. This is based upon a projected
3% increase over the current fiscal budget and
represents a maximum assumption.
Resolution
Lake's 1992
levy. The
year.
staff would recommend approval of
91-35 certifying the City of Prior
initial proposed property tax
Council took similar action last
The alternatives are as follows:
1. Approve Resolution 91-35 as submitted.
2. Amend Resolution 91-35 to an amount per
Council consensus.
Motion to approve Resolution 91-35 as part of
the consent agenda is in order.
HERITAGE
1891
COMMUNITY
1991
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RESOLUTION 91-35
A RESOLUTION CERTIFYING INITIAL "PROPOSED" 1992
CITY OF PRIOR LAKE TAX LEVY TO SCOTT COUNTY AUDITOR
MOTION
BY:
SECONDED BY
WHEREAS,
Truth in Taxation provisions as specified by
tax legislation requires a proposed property
certification to the County Auditor's office
County; and
WHEREAS, the City Council of the City of Prior Lake anticipates
a 1992 Operating Budget increase of approximately 3.0%
which would amount to $3,573,250.00, exclusive of
enterprise fund expenditures, and subject to approval
by the Council following the course of public hearings
scheduled for the months of November and December; and
property
tax levy
of Scott
WHEREAS, the total proposed property tax levy approved has been
estimated to be $2,830,080.00; and
WHEREAS, this proposed City of Prior Lake property tax levy for
the year payable 1992 represents an increase of 7.9%;
and
WHEREAS, special levies account
aforementioned levy; and
WHEREAS, the city of Prior Lake's operating budget tax levy
subject to the levy limitation would be equivalent to
$2,137,290.00; and
for
$692,790.00
of
the
WHEREAS, The City of Prior Lake's statutory levy limitation has
been determined to be $2,137,291.00.
NOW, THEREFORE BE IT RESOLVED, by the Mayor and City Council that
the initial tax levy proposal be distributed upon the taxable
property in said City for the following purposes in payable 1992:
* For General City Purposes
* 3,450,000.00 Bonds '86 (North Shore)
* 225,000.00 Bonds '87 (Carriage Hill)
* 1,500,000.00 Bonds '87 (Water Tower)
* 390,000.00 Bonds '88 (North Shore Oaks)
* 1,175,000.00 Bonds '89 (Downtown Project)
** Capital Park Bonds of '73 & '77
$ 2,471,380.00
100,000.00
32,000.00
100,000.00
11,000.00
75,000.00
40,700.00
$ 2,830,080.00
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: All other bond issues have sufficient fund balances to
cover debt requirements.
4629 Dakota St. S.E., Prior Lake, Minnesota 55372 / Ph. (612) 447-4230 / Fax (612) 447-4245
Passed and adopted this
{Seal}
Andren
Fitzgerald
Larson
Scott
White
YES
day of
, 1991.
NO
Andren
Fitzgerald
Larson
Scott
White
David J. Unmacht
City Manager
City of Prior Lake