HomeMy WebLinkAbout2.b. 2009 Preliminary Budget Process R EXECUTIVE SUMMARY
CITY COUNCIL
City Council Work Session: April 9, 2008
AGENDA ITEM: Preliminary 2009 Budget Discussion AGENDA SECTION:
Discussion
PREPARED BY: Jamie Verbrugge, City Administrator AGENDA NO. kJ,
ATTACHMENTS: G'ou./►fy iv `X &m- APPROVED BY: v
mar e� ✓a /ue cenepaoisoets
RECOMMENDED ACTION: Discuss 2009 budget process
ISSUE
As one resident noted at the 2006 truth -in- taxation hearing, it seems incredible that it takes 6 -8 months to
prepare the City's budget. As incredible as that may be, that time is upon us once again.
Instructions for the 2009 operating, capital, enterprise, and utility budgets will be going to department
directors next month. While Acting Administrator Lindquist and Finance Director May will prepare the
instructions, it is important to touch base with the Council in advance of that happening to discuss trends,
data, and fiscal conditions that will significantly impact budgeting decisions for the coming year. It is also
important for staff to understand concerns and expectations of the Council before beginning the work of
preparing budget proposals.
The nature of the information contained in this memorandum and as attachment is to provide context for
the decision making process.
BACKGROUND
It is clear that local governments across Dakota County and Minnesota will be challenged to define
reasonable tax management strategies for 2009 in the face of discouraging trends in the economy, housing,
and government finance. Most salient to the City of Rosemount is the effect of a housing market that has
slowed new residential growth to numbers not seen since the 1990s and forced the County Assessor to
systemically devalue residential property for the first time in recent memory.
Based on the notices of proposed valuation for Pay 2009, the County Assessor has determined that the
average value home in Rosemount has declined in market value by 2.84% from $291,380 to $283,104. The
median value (the point at which half the homes are higher and half the homes are lower in value) has
declined 2.65% from $260,300 to $253,400. In Dakota County as a whole, the average value has declined
by 2.63% from $273,950 to $266,732. Rosemount, in that context, is consistent with the County trend.
Hastings (1.79 and Inver Grove Heights (0.93 are experiencing the least decline. South St. Paul
(3.59 Farmington (3.53 and Lakeville (3.23 are experiencing the largest reductions in values.
According to the County's preliminary 2009 data, Rosemount's overall taxable market value grew 0.38%
from $2,365,760,300 to $2,374,641,200. That figure is right in the ballpark compared to our neighboring
communities. Eagan (0.34 and Hastings (0.14 are slightly below our value increase, with Farmington
(0.94 and Lakeville (1.43 slightly higher as a result of lagging growth figures. Apple Valley is
experiencing a 1% decline in overall tax base.
Tax capacity, the portion of tax base used to calculate property taxes, has increased slightly more at 0.96%
largely due to the increased value in commercial and industrial property values off setting the decline in
residential values. The approximate 1% increase in tax capacity is the amount of increased value that will
be used to calculate the spread levy effect on tax rate.
Given current market conditions, these are generally favorable figures. It is probably the last year for the
next several that residual growth values will buttress market declines. Going forward, if valuation
adjustments for 2010 are consistent to the decline in 2009 (2.5% or so), the anticipated number of new
residential permits combined with very modest expectations for new commercial investment likely mean a
stagnant tax capacity for the next couple of years.
The way that new development staves off the effect of reduced residential values is evident in the
preliminary 2009 figures. Total commercial and industrial (C /I) market value increased 6.5 If the value
of new C/I ($6.8 million) is removed, the increase in existing C/I was only 3.9 On the residential side,
total market value is down 0.6% but would have been down 2.3% without new value ($34.4 million).
Overall, the 0.38% increase in total market value would have been negative 1.4% without new value of
$41.2 million for 2009.
SUMMARY
The City Council should discuss the philosophy for preparing the 2009 budget. In years past, the strategic
goal of reducing the tax rate was an appropriate objective given the competitive disadvantage in promoting
economic development that existed by having the highest tax rate in Dakota County. The tax rate has
been brought down to a more manageable number compared to surrounding communities over the past
five years. For the budget year 2008, Rosemount was one of only two cities in Dakota County with
population greater than 10,000 (Mendota Heights was the other) that reduced its tax rate.
Inflationary growth in personal services and operations will pressure all cities to keep levy increases to a
reasonable figure. The inherent assumption by residents is that if the value of their home is going down,
their taxes should be going down as well. If an average value home went down 2.8% and levy growth
matched the consumer price index of about 3 most homeowners would see a slight increase in taxes.
Levies would have to be held to less than 2% for most homeowners to see any reduction in taxes.
Effectively communicating to residents the decisions on levies and how those decisions affect taxes paid
are going to be more challenging that in years past.
For Rosemount, there are a number of as yet unresolved issues that will affect the decision making
process. The outcome of the April 22 referendum for construction of the outdoor recreational complex
and renovations to the former St. Joseph Church will be a significant determinant in staffing, capital and
other budgeting decisions. Additionally, how the Minnesota Legislature chooses to resolve the state -wide
deficit and whether that solution has includes levy limits or adjustments to the Market Value Homestead
Credit program will have a significant affect on the decision making process.
As part of the discussion, preliminary departmental budget projections and staffing suggestions to meet
changing conditions will be provided.
2
Assessing Services
651- 438 -4200 or 1 -800- 247 -1056 (non metro)
Dakota County, Minnesota
Residential Homestead Market Value Statistics
As of February 22, 2008 (For taxes Payable in 2009)
Definitions:
#Residential in this report include homestead residences and townhouses and condominiums
Homesteads It excludes properties that have new construction value added for assessment year 2008, payable 2009.
Mean is the sum of all the values divided by the number of values.
Median is the 'value of the middle item when all items are arranged (sorted) by size.
Percent Change is the increase in value over the preceding year's value.
Market Value represents the assessor's estimate of you property's actual market
value and is defined as the most probable price that a well informed buyer would pay a
well informed seller or a property, without either party being unduly forced to buy or sell.
Limited (or Taxable) Market is not shown on the web page.
2007 2008 2007 2008
Tax #Residential Payable Payable Payable Payable
Area homesteads 2008 2009 Percentage 2008 2009 Percentage
MEAN MEAN CHANGE MEDIAN MEDIAN CHANGE
COUNTY TOTALS 109,914 273,950 266,732 2.63 246,900 240,500 2.59
DISCLAIMER
This Privacy Policy applies only to Dakota County website. This website provides links to other websites. These may include links to websites operated by other
government agencies, nonprofit organizations, and/or private businesses. When you link to any other website, you are subject to the privacy policy of that particular website.
Visitors linking to another website are encouraged to examine the privacy policy of that website. Neither Dakota County, Minnesota, nor any agency, officer, or employee
of the County warrants the accuracy, reliability or timeliness of any information published on the website, nor endorses any content, viewpoints, products, or services from
this website, and shall not be held liable for any losses caused by reliance on the accuracy, or entity that relies on any information obtained from this website does so at his
or her own risk.
Assessing Services
651- 438 -4200 or 1- 800- 247 -1056 (non metro)
Dakota County, Minnesota
Residential Homestead Market Value Statistics
As of February 22, 2008 (For taxes Payable in 2009)
Definitions:
#Residential in this report include homestead residences and townhouses and condominiums
Homesteads It excludes properties that have new construction value added for assessment year 2008, payable 2009.
Mean is the sum of all the values divided by the number of values.
Median is the value of the middle item when all items are arranged (sorted) by size.
Percent Change is the increase in value over the preceding year's value.
Market Value represents the assessor's estimate of you property's actual market
value and is defined as the most probable price that a well informed buyer would pay a
well informed seller or a property, without either party being unduly forced to buy or sell.
Limited (or Taxable) Market is not shown on the web page.
2007 2008 2007 2008
Tax #Residential Payable Payable Payable Payable
Area homesteads 2008 2009 Percentage 2008 2009 Percentage
MEAN MEAN CHANGE MEDIAN MEDIAN CHANGE
APPLE VALLEY 15,065 264,771 256,987 2.93- 241,400 234,600 2.81
BURNSVILLE 15,343 254,264 246,952 2.87- 244,900 238,100 2.77
CASTLE ROCK 316 326,040 317,309 2.67- 319,000 311,000 2.50
COATES 38 210,102 204,486 2.67- 207,200 201,800 2.60
DOUGLAS 146 324,200 320,263 1.21- 325,300 321,800 1.07
EAGAN 18,498 282,796 275,828 2.46- 262,000 256,500 2.09
EMPIRE 624 280,479 276,047 1.58- 264,700 261,700 1.13
EUREKA 333 322,661 324,055 0.43 309,100 309,200 0.03
FARMINGTON 5,759 243,321 234,713 3.53- 229,400 221,900 3.26
GREENVALE 148 330,714 331,952 0.37 311,000 309,200 0.57-
HAMPTON TOWNSHIP 175 333,929 323,281 3.18- 312,200 302,500 3.10
HAMPTON CITY 185 224,678 215,645 4.02- 227,800 218,300 4.17
HASTINGS 5,971 224,977 220,947 1.79- 206,900 203,900 1.44
INVER GROVE HEIGHTS 9,162 277,470 274,866 0.93- 239,000 237,600 0.58
LAKEVILLE 14,639 309,254 299,253 3.23- 280,900 271,500 3.34
LILYDALE 307 368,671 355,899 3.46- 273,000 256,700 5.97
MARSHAN 280 330,343 329,575 0.23- 319,200 319,100 0.03
MENDOTA CITY 51 266,296 261,864 1.66- 205,700 203,100 1.26
MENDOTA HEIGHTS 3,787 397,633 387,351 2.58- 373,200 363,300 2.65
MIESVILLE 41 227,051 224,348 1.19- 222,100 219,600 1.12
NEW TRIER 28 174,228 169,664 2.61- 173,500 169,000 2.59-
NININGER 243 361,025 350,922 2.79- 334,800 325,900 2.65
RANDOLPH TOWNSHIP 190 348,522 359,127 3.04 330,500 334,400 1.18
RANDOLPH CITY 111 198,760 192,052 3.37- 199,800 193,700 3.05
RAVENNA 676 316,493 311,994 1.42- 303,900 300,200 1.21
ROSEMOUNT 6,033 291,380 283,104 2.84- 260,300 253,400 2.65
SCIOTA 77 279,696 277,383 0.82- 264,600 269,400 1.81
SOUTH ST. PAUL 5,619 206,521 199,102 3.59- 198,600 191,700 3.47
SUNFISH LAKE 158 882,623 859,325 2.63- 813,600 788,200 3.12
VERMILLION TOWNSHIP 265 314,003 305,616 2.67- 296,300 288,700 2.56
VERMILLION CITY 145 220,276 217,895 1.08- 211,500 208,500 1.41
WATERFORD 125 251,833 256,435 1.82 235,100 239,500 1.87
WEST ST. PAUL 4,996 226,032 219,279 2.98- 209,900 204,400 2.62
NORTHFIELD 380 267,389 259,686 2.88- 259,200 253,000 2.39
DISCLAIMER
This Privacy Policy applies only to Dakota County website. This website provides links to other websites. These may include links to websites operated by other
govemment agencies, nonprofit organizations, and/or private businesses. When you link to any other website, you are subject to the privacy policy of that particular website.
Visitors linking to another website are encouraged to examine the privacy policy of that website. Neither Dakota County, Minnesota, nor any agency, officer, or employee
of the County warrants the accuracy, reliability or timeliness of any information published on the website, nor endorses any content, viewpoints, products, or services from
this website, and shall not be held liable for any losses caused by reliance on the accuracy, or entity that relies on any information obtained from this website does so at his
or her own risk.
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New Value as a of Market Value Growth
C/I MV New C/I 2001 Res MV New Res 2001 Total MV Total New 01
151,898,500 3,293,800 770,913,600 51,561,100 976,740,700 54,854,900
New CA New Res New
Increase as as Value as
C/I MV New C/I 2002 Res MV New Res 2002 Total MV Total New 02 Total MV Growth Growth Growth
171,297,300 13,668,800 924,618,800 66,730,500 1,153,553,300 80,399,300 18.10% 7.73% 37.74% 45.47%
New C/I New Res New
Increase as as Value as
C/I MV New C/I 2003 Res MV New Res 2003 Total MV Total New 03 Total MV Growth Growth Growth
179,246,500 2,401,900 1,123,114,000 86,170,600 1,366,346,200 88,669,000 18.45% 1.13% 40.50% 41.67%
New C/I New Res New
Increase as as Value as
C/I MV New C/I 2004 Res MV New Res 2004 Total Total New 04 Total MV Growth Growth Growth
186,835,200 2,196,100 1,355,123,500 107,304,100 1,606,616,700 109,500,200 17.58% 0.91% 44.66% 45.57%
New C/I New Res New
Increase as as Value as
C/I MV New C/I 2005 Res MV New Res 2005 Total MV Total New 05 Total MV Growth Growth Growth
206,458,300 2,101,900 1,645,019,800 152,082,200 1,919,935,700 154,184,100 19.50% 0.67% 48.54% 49.21%
New C/I New Res New
Increase as as Value as
C/I MV New C/I 2006 Res MV New Res 2006 Total MV Total New 06 Total MV Growth Growth Growth
229,199,400 8,000,400 1,880,740,100 129,847,400 2,185,780,900 137,847,800 13.85% 3.01% 48.84% 51.85%
New C/I New Res New
Increase as as Value as
C/I MV New C/I 2007 Res MV New Res 2007 Total MV Total New 07 Total MV Growth Growth Growth
257,450,900 6,823,700 2,023,630,900 88,527,600 2,365,760,300 95,351,300 8.23% 3.79% 49.19% 52.98%
New C/1 New Res New
Increase as as Value as
C/I MV New C/I 2008 Res MV New Res 2008 Total MV Total New 08 Total MV Growth Growth Growth
274,237,900 6,843,000 2,011,642,200 34,407,000 2,374,641,200 41,251,000 0.38 %`:7?€>t >fi
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