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<br />. <br /> <br />BUDGET PLANNING <br />JULY 2006 <br />INITIAL COMMENTS <br /> <br />Preliminary estimates indicate a growth in tax capacity that will generate approximately <br />an additional $65,000 without increasing the local tax rate. The homestead credit <br />market cut will end adding approximately $84,000 to revenue. <br /> <br />1 Bond debt shortfall <br /> <br />Capital fund closing and interest earnings should reduce additional levy by 55 % ($10,000/year) <br /> <br />2 Contribution of $8,000 for CYHA <br /> <br />Will need to be budgeted from levy. <br /> <br />3 Anoka County Partners commitment of $1,800 <br /> <br />Will need to be budgeted from levy. <br /> <br />4 Celebration <br /> <br />Will need to be budgeted from levy. <br /> <br />5 CSAH 14 project <br /> <br />Local share approximately $1,500,000 <br />Grants are being pursued to reduce local cost. <br />Without grants, the levy will be $120,363.88 <br /> <br />6 Increase budget for police building <br /> <br />Budget has been increased for debt service of pOlice building ($78,500 per year) <br /> <br />7 Backage Road project <br /> <br />Economic development project requiring no general levy. <br /> <br />8 lakeshore property purchase <br /> <br />Part of park fund budget awaiting grant announcement in upcoming days <br />Balance funded through park fund (cash balance $190,000) <br /> <br />9 Potential TIF from downtown <br /> <br />TIF will be discussed as part of the redevelopment of the downtown. <br />DEED, Anoka CDSG & Met Council grants can reduce the amount of TIF used. <br />Ultimately, the redevelopment package will form the public participation <br /> <br />10 Property purchase by city in downtown <br /> <br />TIF funds would need to reimburse the city for any acquisition cost <br />