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The following table summarizes the estimated tax impact on residential homes, based on the <br />proposed 2004 tax levy and budget, estimates provided by Ramsey County, and assuming no <br />increase in property valuation. <br />Note: Property valuations are determiner) by the Ramsey County Assessor's Office <br />As shown above, an average - valued home of $175,000 would see an increase of 13 or 2.9%, <br />holding all other factors constant. <br />The following table surnrn arizes the estimated tax impact on residential homes, based on the <br />proposed 004-tax levy and budget, estimates provided by Ramsey County, and assuming a 10% <br />increase in property valuation. <br />* Original value shown. 2003 Impact reflects a 10% valuation increase. <br />Staff Recommendafion <br />Staff recommends the Council adopt or amend the attached resolutions. The resolution for <br />adopting the budget has been revised from previous years' to ensure that an appropriate level of <br />detail is provided. The resolution now includes a schedule of the tax- supported funds which <br />typically require the greatest level of spending control. <br />Business -type ftmctions such as the water and sever operations are not shown separately. <br />Although the Council is not statutorily required to adapt a separate budget for these types of <br />functions, the budgeted monies designated in the amended budget document are followed by <br />Staff in making spending decisions. Therefore, these appropriations are included in the overall <br />budget amount. <br />Council Action Requested <br />Action # 1= Motion approving the resolution to adopt the 2004 Final Tax Levy <br />Action #2: Motion approving the Resolution to adopt the 2004 Final Budget <br />Action #3: Motion approving the Resolution to adjust the 2004 Final Debt Levy <br />