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Memo - City Council
<br />2016 Proposed Preliminary Budget and Tax Levy
<br />6
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<br />6.5% Levy Increase which would keep the Tax Rate Flat ($217,000)
<br />
<br />Actual Proposed %
<br />Item Pay 2015 Pay 2016 Change
<br />(A)(B)(C)
<br />1.Levy before reduction for state aids $3,359,775 $3,576,775 6.5%
<br />2.State Aids - $0 $0 0.0%
<br />3.Certifed Property Tax Levy = $3,359,775 $3,576,775 6.5%
<br />4.Fiscal Disparity Portion of Levy - $248,682 $264,113 6.2%
<br />5.Local Portion of Levy = $3,111,093 $3,312,662 6.5%
<br />6.Local Taxable Value ÷ 11,425,974 12,163,391 6.5%
<br />7.Local Tax Rate = 27.228%27.235%0.0%
<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 ÷ 1,119,584,100 1,144,235,400 2.2%
<br />12.Market Value Referenda Rate = 0.00000%0.00000%0.0%
<br />Taxable Taxing
<br />Market Homestead Taxable District
<br />Value Exclusion Market Tax Net
<br />B/4 Credit Credit Value Capacity Tax
<br />Proposed Pay 2016
<br />Pay 2013 MV 76,000@.40%500,000@1.0%(B7 x G) +
<br />X 0.988 - rem up to 413799 @.09%(D - E)rem @ 1.25%(B12 x D)Annual Increase Monthly incr.Annual Increase Monthly incr.Annual IncreaseMonthly incr.
<br />Estimated Tax District rate as % of total rate:
<br />150,000 23,740 126,260 1,263 $343.98 $8.26 0.69$ ($14.27)(1.19)$ $22.53 1.88$
<br />300,300 10,213 290,087 2,901 $790.09 $15.73 1.31$ ($36.03)(3.00)$ $51.76 4.31$
<br />350,000 5,740 344,260 3,443 $937.70 $18.75 1.56$ ($42.67)(3.56)$ $61.42 5.12$
<br />500,000 - 500,000 5,000 $1,361.75 $24.31 2.03$ ($64.89)(5.41)$ $89.20 7.43$
<br />750,000 - 750,000 8,125 $2,212.84 $45.76 3.81$ ($99.19)(8.27)$ $144.95 12.08$
<br />Impact from Market Shifts
<br />Total Change and Fiscal Disparities Impact from Levy Incr
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<br />GENERAL INFORMATION
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<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 />DIRECTION REQUESTED:
<br />
<br />1. Discussion with staff regarding the 2016 preliminary levy and issues.
<br />2. Further direction to staff regarding 2016 budget preparation.
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