2003_1208_packet - Laserfiche WebLink

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Fines & Forfeits include fines paid for traffic violations and criminal offenses occurring within the City limits. No significant changes are expected. Interest Earnings include investment earnings on cash reserves. No significant changes are expected. Other revenues include lawful gambling taxes, cable franchise fees, and interfund transfers. A decrease is reflected as a result of decreased operating transfers into the General Fund. These transfers were designed to help transition some programs and services from other city funds to the general Fund. Use of Deserves denotes the amount of reserves that is projected to be used to finance one -tune capital replacements and other uses. The increase is attributable to the loss in state -aid and the one -time renovation casts of City Hall. Tax Levy, Tax Capacity, and Tax Impact The proposed tax levy for 2004 is $9,760,674, an increase of S932,790 or 10.6 %. The increase is attributable to the voter - approved debt service costs and additional operating costs due to the expansion of City Hall and Public works facilities. With the proposed tax levy and estimated increases in the City's tax base, an average - valued home of $1 75,000 would see an increase of $13 or 2.9% their local property taxes (holding all other factors constant). This is substantially less than the $50 increase that was estimated when the voters approved the issuance of debt to finance the expansion o f City Hall and Public Works facilities. The following table summarizes the proposed 2004 tax levy. The Citywide tax capacity represents the taxable property value within the City. It is determined by applying the State -wide property tax formula for each parcel, then adding each parcel's tax capacity. The citywide tax capacity is then applied to the proposed levy to determine the local tax rate.