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Memo - City Council
<br />2017 Proposed Preliminary Budget and Tax Levy
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<br />8
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<br />1% Levy Increase ($35,000) For discussion purposes of impact for each percentage increase
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<br />Actual Proposed %
<br />Item Pay 2016 Pay 2017 Change
<br />(A)(B)(C)
<br />1.Levy before reduction for state aids $3,478,775 $3,513,775 1.0%
<br />2.State Aids - $0 $0 0.0%
<br />3.Certifed Property Tax Levy = $3,478,775 $3,513,775 1.0%
<br />4.Fiscal Disparity Portion of Levy - $264,113 $290,710 10.1%
<br />5.Local Portion of Levy = $3,214,662 $3,223,065 0.3%
<br />6.Local Taxable Value ÷ 12,163,391 12,388,762 1.9%
<br />7.Local Tax Rate = 26.429%26.016%-1.6%
<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 ÷ 1,144,235,400 1,174,488,300 2.6%
<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 2017
<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 $328.58 $3.24 0.27$ ($0.32)(1.19)$ $3.56 0.30$
<br />306,350 9,669 296,681 2,967 $771.89 $5.18 0.43$ ($3.18)(3.00)$ $8.36 0.70$
<br />350,000 5,740 344,260 3,443 $895.73 $5.87 0.49$ ($3.84)(3.56)$ $9.71 0.81$
<br />500,000 - 500,000 5,000 $1,300.80 $5.25 0.44$ ($8.85)(5.41)$ $14.10 1.18$
<br />750,000 - 750,000 8,125 $2,113.80 $15.07 1.26$ ($7.84)(8.27)$ $22.91 1.91$
<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.
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<br />In order to proceed with budget preparation, it would be helpful to have additional Council input.
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<br />DIRECTION REQUESTED:
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<br />1. Discussion with staff regarding the 2017 preliminary levy and issues.
<br />2. Further direction to staff regarding 2017 budget preparation.
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