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80% <br />60% <br />40% <br />20% <br />0% <br />-20% <br />-40% <br />-60% <br />$2,500 <br />Budget vs. CPI <br />2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 <br />—40—Budget tCPI <br />Per Capital Spending <br />$2,000 <br />$1,500 <br />$1,000 <br />$500 <br />$0 <br />2010 2011 2012 2013 2014 2015 2016 2017 2018 2( <br />As the City becomes more developed and has less land available for new residential <br />development, the City's operating expenditures should increase with increases in the CPI with <br />the exception of a "catch-up" in infrastructure improvements. <br />Current economic conditions have caused the City's market values to increase by 7.4%. In 2002 <br />the State Legislature enacted major property tax reform which lowered all property class rates. <br />The City's tax capacity has allowed the city to maintain a tax rate that is one of the lowest in the <br />Minneapolis/St. Paul Metropolitan area. Currently, the City has one of the lowest rates in the <br />northeast metropolitan area as shown in the graph. <br />`r <br />