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Letter of Transmittal August 24, 1981 The Honorable Mayor and City Council, Submitted herewith is the proposed 1981 annual budget. Introduction It is the intent of this letter to give a broad overview of the budget noting sipnificant changes from the previous year. It is divided into four major areas: Levy and Mill Rate, Assessed Valuation, Revenue and Expenditures. In general, the 19II2 budget reflects only the projected effects of inflation while keeping in mind the new 8% levy limitation. This budget offers an austere program of City services with no significant program chanqes. Certain other changes specific to a department are mentioned in the budget detail under Program PJotes. Levy and P4i11 Rate The 1982 proposed budaet will require a tax levy of $3,460,645 compared to the current year levy of 53,095,843a This oroposed increase of 5364,II02 is 11.7II% over 19II1. Given the estimated assessed valuation discussed belovr, it is estimated the 1982 mill rate will be 11.605 mills compared to 11.431 mills in 19Q1. This is a 1.5% increase in mill rate. Assessed Valuation The 19II2 assessed valuation in Roseville as of July 23, 1981, is $29II,193,786. This compares to a 1981 assessed valuation of �269,948,296 which is a $28,245,490, or 10.46% increase. These valuations include adjustments for fiscal disparities. Primarily, the increase in assessed valuation is a result of the impact of inflation on property values. According to figures provided by Ramsey County, the average home in Roseville was valued at $69,339 in 1981 and $76,216 for 1982. This is a 9.1% increase. With a projected mill rate of 11.605 this average home would receive a tax increase of 11.04% over 1981. This, of course, is only the City's portion of the total levy. Estimates of the County and School District levies were not available. It should be noted that while the levy requirement has increased 71.78% aqainst a levy limitation of II%, there are certain exclusions from this limitation. blith these exclusions the levy increase subject to the limit- ation is slightly under 8%.