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increase dramatically from $190,000 for 2018 up to $258,000 for 2020. The full tax <br /> levies and special assessments are more than sufficient to pay off the bonds, even with a <br /> $40,000 annual reduction in the levy, and leave a small balance of about $1,000 in the <br /> bond fund after all amounts are paid. <br /> Fund 352 covers the cost of the 2013 street improvements. There are substantial <br /> assessments that support this fund. From the looks of the cash forecast, we should be <br /> able to significantly reduce the amount of the final levy if all other funding sources come <br /> through. <br /> Fund 614 funds the Cable TV Equipment note for the main office. We will also be <br /> looking to use franchise fees for updates to the video equipment in the Council Chambers <br /> in the next few years. <br /> The original debt levies certified to Anoka County would cause the total tax levy to <br /> swing wildly— dropping $142,000 in 2019 to an increase of$275,000 in 2020. While <br /> there were good reasons why the issues were structured that way, it would not likely lead <br /> to much support or understanding from the average taxpayer. <br /> We have the opportunity this year to adjust several of the levies in a way that will provide <br /> for both full funding of our bond issues and a gentle decrease in debt levies over the next <br /> 10 years. That makes the levies more predictable for taxpayers. The staff proposal <br /> reduces the debt levy by about $71,000 for 2019 and an additional drop of about$52,000 <br /> for 2020. <br /> Please remember that these adjustments are suggestions that can be modified by the City <br /> Council. Staff would like to memorialize whatever adjustments are desired through a <br /> resolution identifying specific changes and directing staff to forward those levies to <br /> Anoka County. <br /> Attachments: Levy Summary with Recommended Adjustments <br /> Chart of Original Levies and Revised Levies <br /> Bond Schedules <br /> 4 <br />