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Memo - City Council
<br />2015 Proposed Preliminary Budget and Tax Levy
<br />6
<br />5.6% Levy Increase keeps the Tax Rate Flat (+ $184,000 in tax revenue)
<br />
<br />ActualProposed%
<br />ItemPay 2014Pay 2015Change
<br />(A)(B)(C)
<br />1.Levy before reduction for state aids$3,257,456$3,441,4565.6%
<br />2.State Aids- $0$00.0%
<br />3.Certifed Property Tax Levy= $3,257,456$3,441,4565.6%
<br />4.Fiscal Disparity Portion of Levy- $254,738$248,682-2.4%
<br />5.Local Portion of Levy= $3,002,718$3,192,7746.3%
<br />6.Local Taxable Value÷ 10,741,74911,425,9746.4%
<br />7.Local Tax Rate= 27.954%27.943%-0.0%
<br />8.Market Value Referenda Levy $0$00.0%
<br />9.Fiscal Disparity Portion of Levy (SDs only)- $0$00.0%
<br />10.Local Levy= $0$00.0%
<br />11.Referenda Market Value÷ 1,052,783,0001,119,584,1006.3%
<br />
<br />12.Market Value Referenda Rate= 0.00000%0.00000%0.0%
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<br />(D)(E)(F)(G)(H)(I)
<br />TaxableTaxing
<br />MarketHomesteadTaxableDistrict
<br />ValueExclusionMarketTaxNet
<br />B/4 CreditCreditValueCapacityTax
<br />Proposed Pay 2015
<br />Impact from Market Shifts
<br />Pay 2013 MV76,000@.40%500,000@1.0%(B7 x G) +
<br />Total Changeand Fiscal DisparitiesImpact from Levy Incr
<br />X 0.988(D - E)rem @ 1.25%(B12 x D)
<br />Annual IncreaseMonthly incr.Annual IncreaseMonthly incr.Annual IncreaseMonthly incr.
<br /> - rem up to 413799 @.09%
<br />Estimated Tax District rate as % of total rate:
<br />150,000 23,740 126,2601,263$352.92$47.10$ 3.93$26.77$ 2.23$20.33$ 1.69
<br />295,100 10,681 284,4192,844$794.70$92.22$ 7.69$46.43$ 3.87$45.79$ 3.82
<br />350,000 5,740 344,2603,443$962.08$109.76$ 9.15$54.33$ 4.53$55.43$ 4.62
<br />500,000 - 500,0005,000$1,397.15$143.69$ 11.97$63.19$ 5.27$80.50$ 6.71
<br />
<br />750,000 - 750,0008,125$2,270.37$269.42$ 22.45$138.61$ 11.55$130.81$ 10.90
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<br />GENERAL INFORMATION
<br />
<br />A final levy is established and certified in December. As Council knows, once a preliminary
<br />levy is established, the amount can be reduced, but it cannot be increased.
<br />
<br />In order to proceed with budget preparation, it would be helpful to have additional Council input.
<br />Staff can prepare a full set of budget documents for your review by next week and for discussion
<br />at a future work session.
<br />
<br />The work session schedule for a budget discussion is challenging:
<br />
<br />
<br />No meeting is scheduled during the Labor Day week (Fran is not available for a Tuesday
<br />9/2/14 meeting)
<br />
<br />Dave McClung is gone on 9/8/14
<br />
<br />9/15/14 is dedicated to Gateway Planning for TCAAP zoning work
<br />
<br />Dave McClung is gone 9/22/14
<br />
<br />Council action on the tax levy is required on 9/29/14
<br />
<br />A non-Monday meeting to discuss the budget may be necessary.
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<br />DIRECTION REQUESTED:
<br />
<br />
<br />1.Discussion with staff regarding the 2015 preliminary levy and issues.
<br />
<br />2.Further direction to staff regarding 2015 budget preparation.
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