|
Property Tax Levy Impact
<br />68
<br />Based on the adjusted 2013 Property Tax-Supported Budget noted above, new debt issued in 2011 and
<br />69
<br />2012, an increase in the property tax levy is necessary.
<br />70
<br />71
<br />The 2013 Recommended Property Tax levy along with a comparison to 2012 is shown in the table below.
<br />72
<br />73
<br />2013 Property Tax Levy
<br />74
<br />75
<br />Fund /$ Incr. % Incr.
<br />Division20122013(Decr.)(Decr.)
<br />General Fund $ 9,857,699 $ 10,343,720 $ 486,021 4.9 %
<br />Vehicle Replacement 737,000 737,000 - -
<br />Equipment Replacement 452,000 502,000 - -
<br />Parks & Recreation - Programs 1,029,175 1,055,215 26,040 2.5 %
<br />Parks & Recreation – Maintenance 974,420 1,020,000 45,580 4.7 %
<br />Park Improvements 40,000 40,000 - -
<br />Pathway Maintenance 150,000 150,000 - -
<br />Boulevard Landscaping 60,000 60,000 - -
<br />Building Replacement 122,000 122,000 - -
<br />Streetlight Replacement - - - -
<br />IT Fund – Computers 50,000 50,000 - -
<br />Debt Service – Streets 310,000 310,000 - -
<br />Debt Service – City Hall, PW 825,000 825,000 - -
<br />Debt Service – Ice Arena 355,000 355,000 - -
<br />Debt Service – 2011 Bonds - 835,000 835,000 n/a
<br />(a)
<br />Debt Service – 2012 Bonds - 815,000 815,000 n/a
<br />(b)
<br />
<br />Total $ 14,962,294 $17,169,935 $ 2,207,641 14.8 %
<br />(a) Based on $10 million in bonds issued
<br />76
<br /> (b) Based on $17 million in bonds issued with only $10 million of debt service coming on-line in 2013.
<br />77
<br /> The remainder ($560,000) will come online in 2014.
<br />78
<br />79
<br />The 2013 Recommended Budget including new debt service requirements calls for a tax levy increase of
<br />80
<br />$2,207,641 or 14.8% over the 2012 amount.
<br />81
<br />PO
<br />OLICYBJECTIVE
<br />82
<br />Not applicable.
<br />83
<br />FI
<br />INANCIALMPACTS
<br />84
<br />The recommended tax levy increase will result in an impact on a median-valued home of $8.88 per month
<br />85
<br />in 2013. For each $100,000 in reduced levy increase, the impact drops by $0.40 cents per month.
<br />86
<br />87
<br />The water and sewer rate increase (pending) necessary to provide for the 2013 Budget will result in an
<br />88
<br />impact of $6.81 per month for the typical single-family home.
<br />89
<br />SR
<br />TAFF ECOMMENDATION
<br />90
<br />Not applicable.
<br />91
<br />92
<br />Page 3 of 4
<br />
<br />
|