2009 10-19 CCP - Laserfiche WebLink

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MEMORANDUM Date: October 5, 2009 To: City Council From: Jessie Hart, Treasurer Re: 2010.Proposed General Fund Budget and Property Tax Levy The Gem Lake City Council approved a preliminary tax levy of $464,655 at their August 18, 2009 meeting. This levy included $412,055 for General Fund operations and $52,600 for the City Hall bonds. Mayor Uzpen and 1 have met and refined the 2010 Preliminary General Fund budget. These refinements included adjustments for services that we now have a better basis for costs as well as the elimination of some anticipated costs for development that if they do occur, will be offset by revenues paid by the developer. Those refinements and adjustments resulted in a reduction of the 2010 preliminary levy to $392,248, a reduction of $72,407 and decreased the preliminary tax capacity rate from 39.286% to a projected 33.1271%. The new proposed tax capacity rate is approximately 6.89% less than the actual 2009 rate of 35.58%. Tax Levy summary information: 2008 2009 2010 2010 Actual Actual Preliminary Proposed Tax Levy $ 449,255 $ 443,289 $ 464,655 $ 392,248 Tax Capacity '* $ 1,134,974 $ 1,208,871 $ 1,153,272 $ 1 153,272 Tax Capacity Rate 38.60% 35.58% 39.286% 33,127% City Taxes on 2010 Median Valued Home At $270,800 ** ** $ 1,045.:29 $ 963.51: 1,063.86 $ 897.08 2010 tax capacity is the August 3, 2009 estimate provided by Ramsey County. The estimate is approximately 4.60% lower than 2009. Median value represents the 2010 median value of $270,800 compared to the 2009 median value of$290,000. Page.1.