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<br /> crrY OF ARDEN HILLS <br /> . MI!H:EANDl.IM <br /> DATE: Juce 30, 1994 <br /> TO: Dorothy A. ~iSO&1., CityllAwl..istrator <br /> FRCH: ~ Terrazlce Post, City Accountant <br /> SUBJECT: May 1994 Tax Settlement rnfOJ:llBti.cn <br /> Ramsey Chmty has provided Ire with preliminary tax settlerrent inforrration <br /> for the warrant they will be releasing Tuesday, July 5, 1994. This <br /> settlerrent represents tax collections for the period frcm JanuaJ:y 1, 1994 <br /> to May 20, 1994. <br /> An attached detail analysis schedule aco::npanies this lrellO. A few <br /> obsavations frcm this analysis are \\Orth IlOting. <br /> l. The City of Arden Hills will only be receiving a wa=ant in <br /> the anount of $1,023,359.71 on'I\.lesday. The difference of <br /> $22,618.18 frcm the settlerrent total represents the <br /> satisfaction of the "taxes payable" the City had with the <br /> County frcm the JanuaJ:y tax settlerrent. As you recall, the <br /> . abaterrents paid out to successfully petitioning property <br /> owners were greater than tax collections for this period and <br /> resulted in the liability to the Chmty. <br /> 2. I believe the General Fund collection activity to be not <br /> representative of what the City can expect for the renai.nder <br /> of the year. There is a significant "pending petition" <br /> backlog that, upon settlerrent, may have a material negative <br /> effect on 1994 current, delinquent, and fiscal disparity net <br /> collections . <br /> 3. Special assessrrent revenue in the PIR Fund (#501) , was <br /> budgeted at $214,400. Included in this total was estimated <br /> assessxent: prepayrrent activity. 'Ibe 1994 b..1d:3et assuned a 42% <br /> prepayrrent zate ($89K), on assessable 1994 street improvement <br /> projects. The actual rate was 24%, ($52K) . <br /> Excll.lliin3" estimated prepayrrent revenue frcm this total budget <br /> category, ($382K - $89K = $293K), non-prepayment special <br /> assessrrent coHections are running at 45%, ($132K/$293K) as <br /> opp:lSed to the 34.5% suggested in the schedule. <br /> 4. I will be booking the General Fund, debt service funds, and <br /> tax increrrent funj preliminary settlarent revenue as a 6/30/94 <br /> tax receivable to facilitate mid-year financial analysis. I <br /> cannot book the special assessrrent revenue as it was not <br /> . currently available frcm the County. <br /> -r.. <br />