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Innovation, interdepartmental and inter city cooperation is valued and will continued to be supported with expectations <br />that not all ideas or practices will, in the final analysis, always be successful. <br />Budget 2001 will provide for a levy increase at or below the rate of inflation (Currently inflation is at 3.3%) <br />II. BUDGET OVERVIEW <br />This overview is to provide a summary of the 2001 Budget, noting significant changes from the 2000 <br />Budget. The overview addresses four major areas: Tax Capacity, Levy and Tax Capacity Rates, <br />Revenues, and Expenditures. <br />Tax Capacity <br />The Net Tax Capacity (NTC) represents the taxable value within the city.The legislature made <br />no significant class rate changes which will impact the tax levy calculation in 2001. <br />The State’s Levy Limit, which has been in effect for cities in the past three years, is no longer in <br />place. However there is a statutory requirement which requires a special public hearing in <br />October of 2000 on the 2001 levy, if the tax capacity rate (TCR) is more than the 2000 tax <br />capacity rate (TCR). <br />Below is a comparison of the City’s actual tax capacity for 2001 as compared to the 2000 actual. <br />Values <br />Gross Net Tax Canacitv <br />Less: Fiscal Disparities <br />value <br /> 1 <br />Tax Increment value <br />Net Tax Capacity for Levy <br />Note: Fiscal ties represents the value contributed into a metropolitan value for distribution to communities with declining or stagnant <br />property values. <br />I-2 <br /> <br />