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Memo - City Council
<br />2018 Proposed Preliminary Budget and Tax Levy
<br />7
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<br />10.0% Levy Increase ($364,129)
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<br />Overall City Impact
<br />
<br />Actual Proposed %
<br />Item Pay 2017 Pay 2018 Change
<br />(A)(B)(C)
<br />1.Levy before reduction for state aids $3,641,290 $4,005,419 10.0%
<br />2.State Aids - $0 $0 0.0%
<br />3.Certifed Property Tax Levy = $3,641,290 $4,005,419 10.0%
<br />4.Fiscal Disparity Portion of Levy - $290,710 $320,003 10.1%
<br />5.Local Portion of Levy = $3,350,580 $3,685,416 10.0%
<br />6.Local Taxable Value ÷ 12,388,762 13,741,736 10.9%
<br />7.Local Tax Rate = 27.045%26.819%-0.8%
<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 ÷ 1,174,488,300 1,266,285,800 7.8%
<br />12.Market Value Referenda Rate = 0.00000%0.00000%0.0%
<br />Household Example
<br />
<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 2018
<br />Pay 2018 MV 76,000@.40%(B7 x G) +
<br />X 0.988 - rem up to 413799 @.09%(D - E)(B12 x D)Annual Increase Monthly incr.Annual Increase Monthly incr.Annual Increase Monthly incr.
<br />Estimated Tax District rate as % of total rate:
<br />150,000 23,740 126,260 1,263 $338.72 $31.22 2.60$ ($2.25)($0.19)$33.47 2.79$
<br />333,800 7,198 326,602 3,266 $875.91 $68.08 5.67$ ($18.47)($1.54)$86.55 7.21$
<br />350,000 5,740 344,260 3,443 $923.38 $71.46 5.96$ ($19.78)($1.65)$91.24 7.60$
<br />500,000 - 500,000 5,000 $1,340.95 $92.28 7.69$ ($40.22)($3.35)$132.50 11.04$
<br />750,000 - 750,000 8,125 $2,179.04 $176.09 14.67$ ($39.22)($3.27)$215.31 17.94$
<br />Impact from Market Shifts
<br />Calculated
<br />annual tax
<br />Total Change and Fiscal Disparities Impact from Levy Incr
<br />
<br />
<br />Other Funds
<br />
<br />EDA Funds will be discussed at the October meeting.
<br />
<br />Capital Funds have been attached in Attachment B for review and comment.
<br />
<br />Enterprise Funds are attached in the Budget Book (Attachment C); however, revised information
<br />will be presented at a later date pending the upcoming rate study.
<br />
<br />DIRECTION REQUESTED:
<br />
<br />1. Discussion with staff regarding the 2018 preliminary levy and issues.
<br />2. Further direction to staff regarding 2018 budget preparation.
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