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05-24-21-R
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05-24-21-R
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<br />-5- <br />GOVERNMENTAL FUNDS OVERVIEW <br /> <br />This section of the report provides you with an overview of the financial trends and activities of the City’s <br />governmental funds, which includes the General, special revenue, debt service, and capital project funds. <br />These funds are used to account for the basic services the City provides to all of its citizens, which are <br />financed primarily with property taxes. The governmental fund information in the City’s financial <br />statements focuses on budgetary compliance and the sufficiency of each governmental fund’s current <br />assets to finance its current liabilities. <br /> <br />PROPERTY TAXES <br /> <br />Minnesota cities rely heavily on local property tax levies to support their governmental fund activities. <br />For the 2019 fiscal year, local ad valorem property tax levies provided 40.8 percent of the total <br />governmental fund revenues for cities over 2,500 in population, and 37.6 percent for cities under 2,500 in <br />population. Total property taxes levied by all Minnesota cities for taxes payable in 2020 increased <br />6.1 percent from the prior year. <br /> <br />The total tax capacity value of property in Minnesota cities increased about 6.5 percent for the 2020 levy <br />year. The tax capacity values used for levying property taxes are based on the assessed market values for <br />the previous fiscal year (e.g., tax capacity values for taxes levied in 2020 were based on assessed market <br />values as of January 1, 2019), so the trend of change in these tax capacity values lags somewhat behind <br />the housing market and economy in general. <br /> <br />The City’s estimated market value increased 4.2 percent for taxes payable in 2019 and increased <br />7.1 percent for taxes payable in 2020. The following graph shows the City’s changes in estimated market <br />value over the past 10 years: <br />$– <br /> $200,000,000 <br /> $400,000,000 <br /> $600,000,000 <br /> $800,000,000 <br /> $1,000,000,000 <br /> $1,200,000,000 <br /> $1,400,000,000 <br /> $1,600,000,000 <br />2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 <br />Estimated Market Value <br /> <br />
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