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Property Tax LevyImpact
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<br />Based on the adjusted 2013 Property Tax-Supported Budget noted above, new debt issuedin 2011 and
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<br />2012,an increase in the property tax levy is necessary.
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<br />The 2013 Recommended Property Tax levy along with a comparison to 2012is shown in the table below.
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<br />2013 Property Tax Levy
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<br />Preliminary
<br />Fund / ApprovedRecommendedRecommended$ Incr.% Incr.
<br />Division20122013Adjustment2013(Decr.)(Decr.)
<br />General Fund$9,857,699$10,162,000$ 181,720$10,343,720$ 486,0214.9 %
<br />Vehicle Replacement737,000737,000-737,000--
<br />Equipment Replacement452,000452,000-452,000--
<br />Parks & Recreation -Programs1,029,1751,055,215-1,055,21526,0402.5 %
<br />Parks & Recreation –Maintenance974,4201,020,000-1,020,00045,5804.7 %
<br />Park Improvements40,00040,000-40,000--
<br />Pathway Maintenance150,000150,000-150,000--
<br />Boulevard Landscaping60,00060,000-60,000--
<br />Building Replacement122,000122,000-122,000--
<br />Streetlight Replacement------
<br />IT Fund –Computers50,00050,000-50,000--
<br />Debt Service –Streets310,000310,000-310,000--
<br />Debt Service –City Hall, PW825,000825,000-825,000--
<br />Debt Service –Ice Arena355,000355,000-355,000--
<br />Debt Service –2011 Bonds -835,000-835,000835,000n/a
<br />(a)
<br />Debt Service –2012 Bonds -815,000-815,000815,000n/a
<br />(b)
<br />Total$ 14,962,294 $16,988,215 $ 181,720$17,169,935 $ 2,207,641 14.8 %
<br />(a) Based on $10 million in bonds issued
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<br />(b) Based on $17 million in bonds issuedwith only $10 million of debt service coming on-line in 2013.
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<br />The remainder ($560,000) will come online in 2014.
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<br />The 2013Recommended Budget including new debt service requirements calls for atax levyincrease of
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<br />$2,207,641or 14.8%over the 2012 amount.
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<br />PO
<br />OLICY BJECTIVE
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<br />Holding a Budget Hearing to solicit public input is consistent with the goals established in IR2025, as well
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<br />as the City’s Performance Management Program.
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<br />FI
<br />INANCIAL MPACTS
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<br />The recommended tax levy increase will result in an impact on a median-valued home of $4.57per month
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<br />in 2013.For each $100,000 in reduced levy increase, the impact drops by $0.40 cents per month.
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<br />The water and sewer rate increase (pending) necessary to provide for the 2013 Budget will result in an
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<br />impact of $6.81per month for the typical single-familyhome.
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<br />SR
<br />TAFF ECOMMENDATION
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<br />Not applicable.
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