2018-11-28 CC Packet - Laserfiche WebLink

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Transfers Out- ($11,250) The equipment transfer is increasing in order to support the amount of park equipment that needs to be replaced over the next ten years. This equipment has not been previously entered into the Capital Improvement Plan. The net effect of all the staff-recommended budget changes is a general fund tax levy of $2,202,802, an increase of$22,822 — 1.1% over 2018. Debt Service Levies The original debt levies certified to Anoka County would have caused the total tax levy to swing wildly—dropping $142,000 in 2019 to an increase of$275,000 in 2020. The City Council has taken the opportunity this year to adjust several of the levies in a way that will provide for both full funding of our bond issues and a gentle decrease in debt levies over the next 10 years. That makes the levies more predictable for taxpayers. The staff proposal reduces the debt levy by about$71,000 for 2019 and an additional drop of about$52,000 projected for 2020. Total Tax Levy Change The total tax levy is the sum of the General Fund levy and the debt service levies. There is an increase of$22,822 in the general levy, but that is more than offset by a decrease of $71,164 in the debt service levies. The net effect of these changes is a reduction of $48,342 in the total tax levy. This translates into a 1.75% decrease in the total tax levy for the City of Centerville's portion of the property tax bill. This reduction is in total, but the property taxes are spread over many properties that have experienced varied increases in value. Some properties may have increased faster than others due to general market conditions, improvements made by the owners, or other factors. Those properties may experience a smaller reduction or even an increase in their city portion of the property tax that is unrelated to the general level of taxation that the City Council is able to control. Attachment: General Fund Budget Spreadsheet Resolution Adopting Final Property Tax Levy for 2019 50