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August 25, 1982 Letter of Transmi.tT.al The Honorable Mayor and City Council, Submitted herewith is the proposed 1983 annual budget. Introduction The intent of this letter is to give a broad overview of the 1983 budget, noting significant changes from the 1982 budget. The letter addresses four major areas: Levy and Mili Rate, Assessed Valuation, Revenue, and Expenditures. and Mill Rate The proposed 1983 budget will require a tax levy of $3,647,534, which is an increase of 5.40, or $136,889 over 1982. Given this levy requirement and the estimated assessed valuation discussed Uelow, it is estimated the 1983 mill rate will be ll..i4 mills, compared to 11.643 mills in 1983. This is a 2.6% decrease in mill rate. Assessed Valuation The 1983 assessed valuation in Roseville, as of July 19, 1982, is $321,534,667. This is an S.11o increase over the 1982 figure of $297,425,292. These val- uations include adjustments for fiscal disparities. Theincrease in assessed valuation is primarily 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 $76,216 for 1982, and $79,520 for 1983. This is a 4.34% increase. Using the projected mill rate of 11.34, this average home would require a tax increase of 2.6% over 1982. This is, of course, only the City's portion of Uie total levy. Estimates of the County and School District levies were not available.