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Memo - City Council <br />2015 Budget and Tax Levy Discussions <br />3 <br />Fiscal Disparities runs on a one year lag and is based on the levy amounts that jurisdictions <br />submitted for 2014 (or last year). Jurisdictions that increased their levies will receive more, <br />while those that kept their levies flat or fairly small will see decreases. <br /> <br />RECAP OF RAMSEY COUNTY FINANCE DIRECTORS MEETING <br />On August 7, 2014, Ramsey County held a meeting with its Finance Directors from all taxing <br />districts. The Assessor is optimistic that our real estate markets are much improved and still <br />getting better. <br /> <br />Residential markets experienced the most positive improvements and with buyer activity <br />improving, there are fewer foreclosure and short sales. Apartment markets continue to be very <br />healthy and there is substantial construction of new apartments across the Twin Cities metro <br />area. <br /> <br />Commercial and industrial markets have recovered most of the loss in value from the recession. <br />County-wide Commercial/Industrial aggregate values have increased 0.6%. In Arden Hills we <br />have seen a decrease in this area of 0.1% vs. a decrease of 3.69% in Pay 2014, but you must also <br />factor in tax petitions and appeals that have adjusted values. There is a backlog of tax court <br />petitions but they are working to get through the backlog of petitions. <br /> <br />PRELIMINARY PROPERTY TAX LEVY AND BUDGET <br /> <br />Staff is presenting a Preliminary General Fund levy increase of 5.0% and a preliminary General <br />Fund Budget of $4,437,830 which uses $18,998 in reserves and includes a transfer from the <br />General Fund to the EDA of $30,000. The proposed levy would have the following effect on the <br />median valued home in Arden Hills as shown on the following page. <br /> <br />Actual Proposed % <br />Item Pay 2014 Pay 2015 Change <br />(A)(B)(C) <br />1.Levy before reduction for state aids $3,257,456 $3,421,950 5.0% <br />2.State Aids - $0 $0 0.0% <br />3.Certifed Property Tax Levy = $3,257,456 $3,421,950 5.0% <br />4.Fiscal Disparity Portion of Levy - $254,738 $248,682 -2.4% <br />5.Local Portion of Levy = $3,002,718 $3,173,268 5.7% <br />6.Local Taxable Value ÷ 10,741,749 11,425,974 6.4% <br />7.Local Tax Rate = 27.954%27.772%-0.7% <br />8.Market Value Referenda Levy $0 $0 0.0% <br />9.Fiscal Disparity Portion of Levy (SDs only)- $0 $0 0.0% <br />10.Local Levy = $0 $0 0.0% <br />11.Referenda Market Value ÷ 1,052,783,000 1,119,584,100 6.3% <br />12.Market Value Referenda Rate = 0.00000%0.00000%0.0% <br />