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{ <br /> i <br /> EN HILLS <br /> i <br /> MEMORANDUM <br /> I <br /> DATE: November 19, 2012 ' <br /> TO: Honorable Mayor and City Council <br /> FROM: Patrick Klaers, City Administrator <br /> Sue Iverson, Director of Finance and Administrative Services <br /> 1 <br /> SUBJECT: 2013 Proposed Final Budget and Tax Levy <br /> INTRODUCTION <br /> In preparation for adoption of the final tax levy at the first meeting in December, this memo <br /> addresses the following information: preliminary tax levy, residential property values, operating <br /> budget, salary and benefit changes, and preliminary fund balance projections. <br /> PRELIMINARY TAX LEVY <br /> The table below provides a comparison of the 2012 adopted levy and the levy amount the City <br /> Council directed staff to prepare for the preliminary levy certification. It also shows a ' <br /> comparison of the tax rate at this levy amount. <br /> " Aduat , Proposed to <br /> ftem Pay 2012, Pay 3U 13 Change <br /> B �C <br /> 1. Levy before reduction for state aids $3,096,994 $3,191,230 3.0% <br /> 2. State Aids - $0 $0 0.0% <br /> 3. Certffed Property Tax Le = $3,096,994 $3,191,230 3.0% <br /> 4. Fiscal Disparity Portion of Le - $262,344 $240,789 -8.2% <br /> 5. Local Porbon of Le = $2,834,650 $2,950,441 4.1% <br /> 6. Local Taxable Value - 11,097,287 10,597,521 -4.5% <br /> 7. Local Tax Rate = 25.544% 27.841% 9.0% <br /> 8. Market Value Referenda Le $0 $0 0.0% <br /> 9. Fiscal Disparity Portion of Le SDs only) - $0 $0 0.0% <br /> 10. Locall-evy $0 $0 0.0% <br /> 11. Referenda Market Value - 1,074,744,200 1,033,491,700 -3.8% <br /> 12. Market Value Referenda Rate = 0.00000% 0.00000% 0.0% <br /> You will see that the levy has been increased per Council directive, while the City's share of <br /> Fiscal Disparities has decreased, as well as the City's Tax Capacity (line 6), which results in a <br /> 9.0% increase in the tax rate. <br /> -3 - <br />