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Memo - City Council
<br />2017 Proposed Preliminary Budget and Tax Levy
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<br />4.7% Levy Increase ($162,515) Directed by City Council June 20, 2016
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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 $3,641,290 4.7%
<br />2.State Aids - $0 $0 0.0%
<br />3.Certifed Property Tax Levy = $3,478,775 $3,641,290 4.7%
<br />4.Fiscal Disparity Portion of Levy - $264,113 $290,710 10.1%
<br />5.Local Portion of Levy = $3,214,662 $3,350,580 4.2%
<br />6.Local Taxable Value ÷ 12,163,391 12,388,762 1.9%
<br />7.Local Tax Rate = 26.429%27.045%2.3%
<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 $341.58 $16.24 1.35$ ($0.32)(1.19)$ $16.56 1.38$
<br />306,350 9,669 296,681 2,967 $802.43 $35.72 2.98$ ($3.18)(3.00)$ $38.90 3.24$
<br />350,000 5,740 344,260 3,443 $931.16 $41.30 3.44$ ($3.84)(3.56)$ $45.14 3.76$
<br />500,000 - 500,000 5,000 $1,352.25 $56.70 4.73$ ($8.85)(5.41)$ $65.55 5.46$
<br />750,000 - 750,000 8,125 $2,197.41 $98.68 8.22$ ($7.84)(8.27)$ $106.52 8.88$
<br />Total Change and Fiscal Disparities Impact from Levy Incr
<br />Impact from Market Shifts
<br />
<br />
<br />7.6% Levy Increase ($264,181) On-going operating costs presented in proposed budget
<br />
<br />
<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 $3,742,956 7.6%
<br />2.State Aids - $0 $0 0.0%
<br />3.Certifed Property Tax Levy = $3,478,775 $3,742,956 7.6%
<br />4.Fiscal Disparity Portion of Levy - $264,113 $290,710 10.1%
<br />5.Local Portion of Levy = $3,214,662 $3,452,246 7.4%
<br />6.Local Taxable Value ÷ 12,163,391 12,388,762 1.9%
<br />7.Local Tax Rate = 26.429%27.866%5.4%
<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 $351.95 $26.61 2.22$ ($0.32)(1.19)$ $26.93 2.24$
<br />306,350 9,669 296,681 2,967 $826.78 $60.07 5.01$ ($3.18)(3.00)$ $63.25 5.27$
<br />350,000 5,740 344,260 3,443 $959.43 $69.57 5.80$ ($3.84)(3.56)$ $73.41 6.12$
<br />500,000 - 500,000 5,000 $1,393.30 $97.75 8.15$ ($8.85)(5.41)$ $106.60 8.88$
<br />750,000 - 750,000 8,125 $2,264.11 $165.38 13.78$ ($7.84)(8.27)$ $173.22 14.44$
<br />Impact from Market Shifts
<br />Total Change and Fiscal Disparities Impact from Levy Incr
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