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12-11-23-R
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12-11-23-R
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<br /> <br />The Minnesota State Legislature enacted Market Value Homestead Credit reductions to <br />property owners in 2003‐2004. This credit was not reimbursed to local governments, which in <br />effect reduced tax revenues so local governments did not receive the full amount of their <br />certified levies. In 2005 the legislature reinstated these credit reductions for 2005 and 2006. <br />The credits were reinstated in 2007. However, due to the current economic conditions, the <br />second half payment for 2008 and all of the 2009 and 2010 payments were unallotted by the <br />Governor. All of the 2011 payments were unallotted. The 2011 legislature eliminated the <br />program for 2012 and replaced it with the Market Value Exclusion program previously <br />discussed, taking local governments out of the formula. The City began receiving its full levy in <br />2012, however, the full effect was seen in 2013 as Fiscal Disparities caught up with the change. <br /> <br />Currently there is little land available for residential development and new home construction <br />within the City except with the addition of the TCAAP property. Most development is <br />commercial/industrial and as these areas are developed there will be a decline of permit <br />revenues in the future. This is expected to increase in the future depending on the timing of <br />how the TCAAP property develops. <br /> <br />The City pools its cash reserves for investment purposes. <br /> <br />One of the City’s largest expenditure classifications is personnel services. Personnel services <br />include salaries and fringe benefits for all employees. For 2024, the salaries have been <br />budgeted with a 3.0% COLA increase for non‐union employees and a 3.0% COLA increase union <br />employees. <br /> <br />There is a 10% increase assumed for health, a 4% increase for dental and a 0.0% increase for life <br />insurance premiums. Overall, the city cost for insurance is increasing $36,640. <br /> <br />Finally, the population growth does not only affect the City’s General fund, it also affects the <br />City’s Water, Sewer, and the Surface Water Management operating funds. As the population <br />has increased, so has the number of utility customers. As the number of customers increase, so <br />does the revenue, the demand for service and the cost of providing the service. The chart <br />below shows the customer changes over the last five years. <br /> <br />18
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