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Levy Limitation <br />The P�tinnesota Levy Limitations Law was implemented in 1972, and restricts <br />property tax increases to 8% per capita per year. Since enactment, various <br />amendments to the law have passed, but tlie Uasic principles still apply. <br />The City is operating within the authorized levy limitations as shown in <br />the following table: <br />'Total levy <br />Less special levies <br />Bond indebtness <br />New industrial commercial <br />development <br />Levy subject to limitation <br />Levy limitation <br />Local Government Aid <br />Payable 1983 <br />$3,647,534 <br />839,450 <br />140,506 <br />$2,667,57H <br />$2,675,881 <br />Payable 1982 <br />$3,460,64� <br />830,050 <br />184,723 <br />$2,445,872 <br />�2,452,199 <br />The 19f31 aid tiaas reduced 7.70, or $82,254 by the Governor. The State Legislature <br />passed laws cutting the 1982 aid Uy 13.50%, or $127,698. The following summary <br />shows actual local government aid as a percentage of budgeted general fund <br />revenues: <br />Budgeted General <br />Fund Revenues <br />1982 <br />1981 <br />1980 <br />Debt Administration <br />$3,358,439 <br />3,550,468 <br />3,256,693 <br />Local Govermnent Aid <br />$817,712 <br />872,746 <br />915,732 <br />21.2 <br />24.6 <br />28.1 <br />Vet bonded debt per capita, and the nercentages of net deUt to assessed value <br />and to market value are useful indicators of the City's debt position. Debt <br />statistics for the City as of December 31, 1982 are as follows: <br />Net direct debt <br />Net overlapping debt <br />Total 1982 <br />'Potal 1931 <br />Percent of Percent of Debt Per <br />Amount Assessed Value hiarket Value Capita <br />$ 6,788,632 2.2£3 <br />13,509,194 4.54 <br />�20,297,826 6.32 <br />$21,616,967 8.01 <br />-a- <br />.53 $190.85 <br />1.05 379.79 <br />1.53 $570.64 <br />1.60 $603.32 <br />