Annual_Report_1978_001 - Laserfiche WebLink

Home

EXPENDZTURES General government Public safety Public works Other Total expenditiires U'udget $ 611,660 1,421,727 644,163 126,444 7 Actual $ 522,'L70 1,449,924 666,938 122,336 $2,803,994 $2.761,468 19 Budget Actual $ 443,936 $ 435,84z� 1,323,891 1,310,372 735,688 702,475 94,505 116,571 52,598,020 $2,565,266 Although $112,833 was provided from the prior year's fund balance to finance 1978 operations, it was not needed as actual revenues exceeded erpenditures by $186,410. The unappropriated fund balance at December 31, 1978 represents approximately 23% of the 1979 operating budget which is the same percentage that was available one year ago to help finance 7.978 expenditures. Total assessed valuation af the City for taxes collected in 1978 caas $179,246,371, an increase of 2.69% over the preceding year. General property tar, accounted �� for 36.08% of the 1978 revenues and current tax collections �aere 99.00% of the tax levy for the year 1978. Cash that is temporarily idle during the year is invested in those investments authorized by la�o and includes U. S. Treasury bills, U. S. Agency notes, repurchases agreements and certificates of deposit. �� Investment y;elds ranged from 6.72% to 9.36% and the total return frorn investments in 1978 u�as $585,537. The Minnesota levy limitation law was adoptecl in 1972, and in general has pl.aced a limitation on the amount of increased property tax which a City can levy. The �� amount of increase is limited to six pencent per capita per year. Since inception,'��.... various amendmeats to the latio have been enacted, but the basic principle has � remained. 'Lhe City i�s operating withing the authorized levy limitation. The State enacted a"Fiscal Disparity Law" in 1971 �ahich �aas not implemented until taxes payable in 1975 due to constitutional challenge. The laco provides for the "pooling" of forty percent of all new commercial and industrial property valuations in the seven county metropolitan area. In turn, valuation from this "pool" is to be redistributed to taxing jurisdictions according to specific criteria. Speci.al Revenue Funds Special revenue funds are established to account for taxes and other revenue set aside for a particular purpose. Following is a brief description of each fund. Recreation Fund This fund was established to account for revenues and expenditures'. in the maintenance of the park and recreation programs. Revenues are from : general property taxes and user charges for the various recreation programs. Expenditures of $404,955 exceeded revenues of $394,839, increasing the fund deficit to $10,209. Policemen's Relief Fund This fund was established to account for revenues derived from a state 2% premium tax on auto insurance. Expenditures consist of transfers to the General Pund to finance part oE the City's police pension cost. The fund balance was transferreci into the General Fund at year end. 2