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Annual_Budget_1987_001
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Annual_Budget_1987_001
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Letter of Transmittal <br />The Honorable Mayor and City Council <br />Submitted, herewith, is the adopted 1987 Annual Budget. <br />Introduction <br />The intent of this letter is to provide a broad overview of the <br />1987 budqet, noting significant changes from the 1986 budget. <br />The letter addresses four major areas: Assessed valuation, <br />Levy and Millrate, Revenue, and Expenditures. <br />The estimated assessed valuation for 1987, as of June 24, 1986, <br />is $336,760,530. This is a decrease of $2,034,714 from the <br />1985 valuation of $338,795,244. <br />The decrease is due to two major changes. <br />A. The method of calculating the assessed valuation of <br />residential property has been changed, resulting in a 2% <br />decrease in the assessed valuation of a$100,000 home. <br />This change has caused a$2,083,216 decrease in residential <br />assessed valuation. <br />B. There is a trend, among owners of commercial and industrial <br />property, to apply for re-valuation of their properties. <br />Many have been successful in obtaininq reductions in <br />assessed valuations. The reductions have offset a portion <br />of the increases due to new development. <br />Levv and Mi11 Rate <br />� The total 1987 budget is $14,004,671. This is an increase of <br />$761,524 or 5.750 over 1986. Tax levy requirements to finance <br />� this budget are $4,788,813, for an increase of �201,677, or <br />4.390. Based on the estimated assessed valuation and levy <br />requirement, the mill rate of 1987 will be 14.22 mills, <br />� compared to 13.58 mills in 1986, and 13.140 mills in 1985. It <br />is expected that this tax levy amount will be within the levy <br />limitation for 1987 based on our understanding of the levy <br />limit calculation process. <br />�� <br />The 1987 budget will have a minimal impact on the taxes of <br />Roseville homeowners. Taxes on the average valued home <br />($81,718) will increase 4.80 or $11.00. Taxes on a$100,000 <br />home will increase 2.6% or $8.00. The lower increase on the <br />higher valued home is due to a change in the method of <br />calculating assessed value, which benefits higher valued homes. <br />I <br />
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