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Annual_Budget_1989_001
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Annual_Budget_1989_001
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Letter of Transmit�al <br />The Honorable Mayor and City Council: <br />Submitted, herewith, is the adopted 1989 Annual Budget. <br />Introduction <br />The intent of this letter is to provide an overview o£ the 1989 <br />� Budget, noting significant changes from the 1988 Budget. The <br />' letter addresses four major areas: Assessed Valuation, Levy and <br />Mill Rate, Revenues, and Expenditures. <br />1989 Budget Overview <br />Estimated Assessed Valuation <br />The 1988 Legislature did pass and put into effect several <br />significant changes related to property taxes, one of which was a <br />change on assessed valuation. <br />The term "Assessed Valuation" has been changed to Tax Capacity. <br />Each property within the City will have a tax capacity, which <br />is 12.0034 percent of the old assessed value. <br />For comparison purposes, Roseville's 1988 assessed valuation is <br />$343,324,012.00. The County has estimated that the 1989 <br />comparable assessed valuation would be $358,509.13. Using the <br />12.0034 percent, Roseville's estimated 1989 tax capacity will be <br />$40,224,858.00. - <br />One other legal change has been the elimination of the millage <br />rate. It has been replaced by the term "Tax Capacity Rate". It <br />appears the new Tax Capacity Rate is used in the same manner as <br />the old millage rate. (See the following page for an illustration <br />and comparison.) <br />Based on the County's estimates, Roseville does show a <br />significant increase in valuation for 1989 over 1988, of <br />$16,676,000. This increase of 4.8 percent does reflect a <br />combination of valuation changes and new taxable property. This <br />increase is outside of the Tax Increment Districts. <br />Levies, and Tax Capacity Rates <br />The total 1989 adopted budget is $16,544,214. This is an <br />increase of $1,500,453, or a 9.97 percent increase over 1988. <br />Tax levy requirements to finance this budget are $5,154,451 for <br />an increase of $154,451, or a 3.09 percent increase. Based on <br />the estimated Tax Capacity and levy requirement, the Tax Capacity <br />Rate for 1989 will be 12.00 percent. This tax capacity rate is <br />equivalent to 14.377 mills under the old law. The mills in 1988, <br />1987, 1956 were 14.563, 14.192 and 13.564 respectively. <br />i <br />
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