2009 08-18 CCP - Laserfiche WebLink

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MEMORANDUM Bate: August 18, 2009 To: City Council From: Jessie Hart, Treasurer Re: 2010 Preliminary General Fund Budget and Property Tax Levy The following information is based on the 2010 Preliminary General Fund Budget and Tax Levy that was discussed with the City Council on August 3, 2009. Based on the discussion of the Council, the 2010 Preliminary General Fund Budget and Tax Levy were increased by $20,000 to $46.4,655 knowing that the Council has an opportunity to further refine the budget and tax levy before final adoption and certification in December 2009 which could include reducing the preliminary levy but NOT increase it. Tax Levy summary information: 2008 2009 2010 Actual Actual Preliminary Tax Levy $ 449,255 $ 443,289 $ 464,655 Tax Capacity * $ 1,,134,974 $ 1,208,871 $ 1,153,272 Tax Capacity Rate 38.60% 35.58% 39.286% City Taxes on 2010 Median Valued Home At $273,416 ** . ** 1,055,39 $ 972.81 $ 1,074,14 2010 tax capacity is the August 3, 2009 estimate provided by Ramsey County. Any increase or decrease in the final tax capacity would result in a different tax rate. The estimate is approximately 4.60% lower than 2009. Median value represents the 2009 median value of $286,600 reduced by the decline in tax capacity value of 4.6% for 2010 resulting in estimated median value of $273,416. The County will provide updated median values in Tate -August.