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CCP 09262022
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CCP 09262022
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9/23/2022 2:59:40 PM
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Roseville City Council
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Council Agenda/Packets
Meeting Date
9/26/2022
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19 Under State Statutes, municipalities with an established Economic Development Authority (EDA) are <br />20 allowed to establish a separate property tax levy that is designated for economic development purposes. <br />21 <br />22 State Statute requires the preliminary EDA levies to be adopted by September 30th for the upcoming <br />23 fiscal year. Once the preliminary levy is adopted it can be lowered, but not increased.The final EDA levy <br />24 is scheduled to be adopted on December 5, 2022. <br />25 <br />26 2023 Recommended Tax Levy & Budget <br />27 The City Council received the 2023 City Manager Recommended Tax Levy and Budget on August 22, <br />28 2022. This was followed by a recommendation from the Finance Commission on September 19, 2022. <br />29 The information presented below refers to the City Manager recommended amounts as amended. <br />30 <br />31 The 2023 Recommended Tax Levy is $26,606,754, an increase of $1,741,210 or 7.0%. The impact on <br />32 residents will vary depending on the property’s value and change in value relative to other properties in <br />33 the city. For comparison purposes staff provides what the impact of this levy will on the median valued <br />34 home in Roseville. According to Ramsey County, the median value of a Roseville single-family home <br />35 rose 13.2% from 2022 ($296,500) to 2023 ($335,400). For 2023, the median-valued home of $335,400 <br />36 can expect to pay approximately $101.75 per month; which is an increase of $9.83 or 10.7%, per month <br />37 from 2022 taxes, based on latest market value data from Ramsey County. These impacts are slightly <br />38 higher from what was presented by the City Manager in August due to receiving more complete city- <br />39 wide valuation from Ramsey County. <br />40 <br />41 This is independent of the impacts that will result from a lower EDA Levy. The combined effect of the <br />42 City and EDA levy (as recommended) is depicted in the table below. <br />43 <br />2023 ESTIMATED Budget Impact on Median-Valued Home (monthly) <br />20222023$ Chg.% Chg. <br />Property Tax Levy: City$ 91.90$ 101.75 $ 9.85 10.7% <br />Property Tax Levy: EDA 1.79 1.71 (0.09)-5.1% <br />Combined Total$ 93.69$ 103.46 $ 9.76 10.4% <br />44 <br />45 <br />46 The overall 2023 City Manager Recommended Budget, excluding the EDA and after capital outlay <br />47 adjustment is $61,493,240, which is an increase of $3,122,971. This increase is the result of $1 million <br />48 investments in capital equipment and infrastructure; $1.6 million invested in personnel costs and other <br />49 inflationary costs. A reduction of $1,897,000 was made in the utility funds capital outlay expenditures <br />50 since the presentation of the budget in August. More details on specific changes are noted in the City <br />51 Manager’s Budget memo which is included in Attachment E. <br />52 <br />53 At the September 19, 2022 City Council meeting, the Finance Commission presented a recommendation <br />54 to request that the property tax levy increase be lowered to 6 or 5% by using reserves. <br />55 <br />56 Attachment H shows estimated impacts on various valued homesteaded single family residential <br />57 properties. <br />58 <br />59 A summary and reconciliation of the 2023 Recommended Tax Levy & Tax-Supported Budget is included <br />60 in Attachment F along with the detailed 2023 Budget. This budget and reconciliation reflects the <br />61 $1,897,000 in reduced capital outlay expenditures in the Water, Sewer, and Storm Utility Funds that was <br />Page 2 of 3 <br /> <br />
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