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Budget vs. CPI <br />80% <br />60% <br />40% <br />20% <br />0% <br />-20% <br />-40% <br />-60% <br />2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 <br />tBudget CPI <br />Per Capital Spending <br />$ 2, 500 <br />$2,000 <br />$1, 500 <br />$1,000 <br />$500 <br />$0 <br />2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 <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 residential market values to increase by <br />15.33%. In 2002 the State Legislature enacted major property tax reform which lowered all <br />property class rates. The City's tax capacity has allowed the city to maintain a tax rate that is <br />one of the lowest in the Minneapolis/St. Paul Metropolitan area. Currently, the City has one of <br />the lowest rates in the northeast metropolitan area as shown in the graph. <br />