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HomeMy WebLinkAbout7.a. Approve 2005 Preliminary Levy and Set Hearing Datesti w CITY OF ROSEMOUNT EXECUTIVE SUMMARY FOR ACTION City Council Meeting Date: September 7, 2004 AGENDA ITEM. Resolution Setting 2004 Preliminary Levy AGENDA SECTION: and Budget Hearing Dates Old Business PREPARED BY: Jeff May, Finance Director AGE flw,# 7 A ATTACHMENTS: Resolution, County Levy & Hearing 'Forms, and 2004 Preliminary Budget APPROVED BY: Summary Pages RECOMMENDED ACTION: Motion to adopt A RESOLUTION SETTING THE PRELIMINARY 2005 GENERAL FUND OPERATING BUDGET, THE PRELIMINARY 2005 C.I.P. BUDGETS, THE PRELIMINARY 2005 INSURANCE BUDGET, THE PRELIMINARY PORT AUTHORITY OPERATING LEVY AND THE PRELIMINARY 2005 LEVY AND BUDGET HEARING DATES REQUIRED BY THE CITY OF ROSEMOUNT. ACTION: .ISSUE Adopt the preliminary Levy for 2005, set the hearing dates required by the Truth -In- Taxation laws, and adopt the preliminary budgets for 2005. BACKGROUND This item is on the agenda for Council to formally approve the preliminary levy and budgets for 2005 as required by law and to set the hearing dates for the Truth -In- Taxation requirements. The information included in the packet should include all of the summarized changes that were made since the last budget workshop. held on August 23 rd . The main. changes made to the budget include the following items: - ➢ .Increase. to the Elections budget of $34,000 to cover the cost of new federally mandated equipment ➢ Adjustments to benefits based on the actual health insurance renewal rates; originally budgeted at an 18% increase, reduced to 12% increase ➢ Salary adjustments totaling an approximately $15,000 increase for seven positions based on pay equity analysis .Increase of $3,000 in the Council budget for newsletter costs based on a production change that is intended to increase the document's quality The insurance rates and salary - adjustments will be part of continuing Council review of budgets prior to adoption of the final budget and levy. in December. We also .received updated information from the County that makes estimating the City share of the tax rate more realistic. 2004 Preliminary Levy 4 September 7, 2004 Staff will provide presentation materials at the September 7 meeting. SUMMARY Recommend the above motion to approve the 2005 preliminary levy, the hearing dates and the preliminary budgets for 2005. 2 CITY OF ROSEMOUNT DAKOTA COUNTY, MINNESOTA RESOLUTION 2004 A RESOLUTION SETTING THE PRELIMINARY 2005 GENERAL FUND OPERATING BUDGET, THE PRELIMINARY 2005 C.I.P. BUDGETS, THE PRELIMINARY 2005 INSURANCE BUDGET, THE PRELIMINARY PORT AUTHORITY OPERATING LEVY AND THE PRELIMINARY 2005 LEVY AND BUDGET HEARING DATES REQUIRED BY THE CITY OF ROSEMOUNT WHEREAS, the City Council of the City of Rosemount has determined that budgets and special needs for the year 2005 will be in the amount of $14,163,700 for the General Operating Fund, the three CIP Funds, the Insurance Fund, the Port Authority Fund and the Enterprise Funds; and WHEREAS, the City Council has determined that special levies for Bonded Indebtedness (including $153,426 for the market value based referendum levy for the fire station) and the Armory Project total $1,421,114; and WHEREAS, the City Council has determined that actual incomes, fund transfers anticipated aids will total $6,733,800. NOW, THEREFORE BE IT RESOLVED, that the total Preliminary Levy certified to the Dakota County Auditor shall be $8,697,588 for the normal levy and $153,426 for the market value based referendum levy; and BE IT FURTHER RESOLVED, that the City Council of the City of Rosemount will conduct a Public Hearing for the purpose of presenting the proposed budget and levy to the general public and to comply with Truth in Taxation laws as set by the Minnesota State Legislature, and that the hearing shall take place on December 6,2004, at 6:30 P.M., in the Council Chambers at the City Hall; and BE IT FURTHER RESOLVED, that if a continuation of that hearing is necessary it shall take place on December 13, 2004, at 6:30 P.M. a RESOLUTION 2004 - ADOPTED this 7 day of September, 2004. William H. Droste, Mayor ATTEST: Linda J. Jentink, City Clerk CERTIFICATION I hereby certify that the foregoing is a true and correct copy of a resolution presented to and adopted by the City Council of Rosemount at a duly authorized meeting thereof, held on the 7 th day of September, 2004, as disclosed by the records of said City in my possession. (SEAL) Linda J. Jentink, Rosemount City Clerk Motion by: Seconded by: Voted in Favor: Voted Against: Members Absent: ®AKOTA COUNTY City of Rosemount OFFICE O F THE TREASURER-AUDITOR TAXING DISTRICT NAME PAYABLE 2005 PROPOSED LEVY CERTIFICATION FORM FORM B E :.... ,1 : ' .. .... . ti e t . ..t1.....l#,af...:�''�i ? ..............................:.:....:.:.:.......:...:...:.:.:. a .. .� ........................ 9...:...:.:.:.:.. .............................:. ..... L. ...........,................... . . ave r General Revenue $ 14,317,126 $ -0- 6,887,226 7,429,900 Debt Service Total * 1,267, 688 1,267,688 Road and Brid e 1 0ther (identify) Vital Is 15, 584, 814 s -0- Is 6,887,226 I s 8,697,588 F+­ V ui canuuwn ur cerulieu levy uy inurviuuai uunu on reverse sine or attacn an acaitional sheet Market Value Based Referendum $ 153,426 A-Budget Requirement. ........................................................... ........... Amount needed to fund services. B-LGA (Local Government Aid) ............................... .........................:..... These aids are certified to the taxing district by the Department of Revenue. This can be used to reduce any budget item levy requirement, combination of items or be deducted proportionally from all levies. C -Other Resources ..................... ......... ......... ............................... All other resources that will be used to finance your, taxing districts budget. Including but not limited to other aids, interest income, prior year reserves, grants, etc. D- Certified Levy ........................... ............................... ..............::...........Levy certified to the County Treasurer - Auditor. ROUND TO THE NEAREST WHOLE DOLLAR. DO NOT CERTIFY PENNIES. The Treasurer- Auditor's office will deduct Fiscal Disparities from all certified levies. Before signing, please verify the following: -MAKE SURE THAT ALL LINES ADD ACROSS AND ALL COLUMNS ADD UP TO THE TOTAL LINE BREAKDOWN OF DEBT SERVICE LEVY BY INDIVIDUAL BOND HAS BEEN PROVIDED - AMOUNTS REPORTED MATCH ANY OTHER SUPPORTING DOCUMENTATION INCLUDED (i.e., Certified Levy on this form matches amount on your taxing district's resolution, etc.) 0 4 1A 01 4 Signature f p completing form Finance Director Title 09 -09 -04 Finance - Director Name of contact person or dept provided on Proposed Tax Notice 2875 145th St. W„ Rosemount, MN 5506 Mailing address provided on Proposed Tax Notice . (651) 423 -4411 Date Phone number of contact person (include area -code) 2004 GENERAL PROPERTY TAX LEVY PAYABLE 2005 GENERAL LEVY GENERAL FUND $5,083,300 BUILDING CIP FUND $48,000 STREET CIP FUND $1,550,000 EQUIPMENT CIP FUND $433,600 INSURANCE FUND $255,000 PORT AUTHORITY OPERATING LEVY $60,000 - - - - -- TOTAL GENERAL LEVY $7,429,900 BONDED INDEBTEDNESS G.O. MUNICIPAL BUILDING REFUNDING BONDS 1998A (ICE ARENA) (Authorized - $251,263) $251,263 G.O. IMPROVEMENT BONDS 1999B (Authorized - $19,611) $19,611 G.O. BONDS 2000B (Port Authority) (Authorized - $236,896) $236,896 G.O. IMPROVEMENT BONDS 2001A (Authorized - $119,365) $0 G.O. PUBLIC FACILITY BONDS 2001 C (Port Authority) (Authorized - $169,764) $169,764 G.O. COMMUNITY CENTER REFUNDING BONDS 2001 E (Authorized - $99,878) $99,878 G.O. PORT AUTHORITY BONDS 2002C (Authorized - $267,023) $267,023 TOTAL BONDED INDEBTEDNESS Y $1,044,435 MARKET VALUE BASED REFERENDUM - 1995 FIRE STATION LEVY G.O. FIRE STATION BONDS, 1996A (Authorized - $153,426) $153,426 TOTAL FIRE STATION LEVY $153,426 PRINCIPAL AND INTEREST ON ARMORY BONDS ARMORY ANTICIPATORY LEVIES ($95,000 + ($1,607,188,500 x.00798%)) (As of 8/31/04) $223,253 TOTAL PRINCIPAL AND INTEREST ON ARMORY BONDS $223,253 GRAND TOTAL 2004 PROPERTY TAX LEVY _ _ $8,851,014 y DAKOTA COUNTY OFFICE OF THE TREASURER - AUDITOR PAYABLE 2005 TRUTH IN TAXATION HEARING DATE CERTIFICATION FORM A Taxing District Name: City of Rosemount Public Hearing Date: Monday, December 6, 2004 - Time of meeting: 6:30 P.M. Place of meeting: Rosemount City Hall 2875 145th Street West Rosemount, MN 55068 Continuation Date: Monday, December 13, 2004 PLEASE PROVIDE US WITH A CONTACT NAME AND PHONE NUMBER AS YOU WOULD LIKE IT TO APPEAR ON THE TNT NOTICES. Name or Title: Finance Director Address: 2875 145th Street West Rosemount, MN 55068 Phone number: ( 651) 423 -4411 Signature of person completing this form: Title: Finance Director Phone number: ( 651) 322 -2031 E -mail Address: jeff.may @ci.rosemount.mn.us Date: September 9, 2004 *''Please include area code when identifying prone numbers"" 4 FUNDING REQUIREMENTS -USES (INCLUDING FIRE STATION LEVY) September 7, 2004 NOTE: Special Levies include (1)Bonded Indebtedness, (2)Fire Station Levy and (3)Armory Anticipatory Levies. 2004 2005 Adopted Proposed +/- Departments Budget Budget Difference Percentage Council Budget $91,300 $123,400 $32,100 35.16% Administration Budget 362,300 485,500 123,200 34.00% Elections Budget 23,200 54,000 30,800 132.76% Finance Budget 258,200 285,700 27,500 10.65% General Government Budget 350,400 331,800 (18,600) -5.31% Community Development Budget 800,200 856,300 56,100 7.01% Police Budget 2,007,000 2,155,900 148,900 7.42% Fire Budget 265,500 274,600 9,100 3.43% Public Works Operating Budgets: Government Buildings Budget 335,800 358,500 22,700 6.76% Fleet Maintenance Budget 396,500 410,000 13,500 3.40% Street Maintenance Budget 1 ,112,900 1,108,200 (4,700) - 0.42% Parks Maintenance Budget 457,300 512,500 55,200 12.07% Park & Rec Budget - General Operating 861,400 922,800 61,400 7.13% Park & Rec Budget - Special Programs 87,400 91,900 4,500 5.15% Total Operating Budgets - General Fund $7,409,400 $7,971,100 $561,700 7.58% Building CIP Requirements 39,000 48,000 9,000 23.08% Street CIP Requirements 750,000 1,550,000 800,000 106.67% Equipment CIP Requirements 541,100 433,600 (107,500) - 19.87% Insurance Budget Requirements 225,000 255,000 30,000 13.33 % Port Authority. Operating Levy 0 60,000 60,000 100.00% Bonded Indebtedness 1,174,667 1,044,435 (130,232) - 11.09 % Bonded Indebtedness - Fire Station Levy 152,193 153,426 1,233 0.81 % Armory Anticipatory Levy (Value 8/31/04) 201,686 223,253 21,567 10.69% * *$95,000 + ($1,607,188,500 x.00798%)** Water Enterprise Fund 1,217,400 1,519,000 301,600 24.77% Sewer Enterprise Fund 1,211,000 1,257,600 46,600 3.85% Storm Water Enterprise Fund 828,700 675,200 (153,500) - 18.52% Arena Enterprise Fund 338,100 394,200 56,100 16.59% Total Funding Requirements $14,088,246 $15,584,814 $1,496,568 10.62 % NOTE: Special Levies include (1)Bonded Indebtedness, (2)Fire Station Levy and (3)Armory Anticipatory Levies. FUNDING REQUIREMENTS - SOURCES (INCLUDING FIRE STATION LEVY) September 7, 2004 2004 2005 Adopted Proposed +/- Types Budget Budget Difference Percentage Local Government Aid (LGA) $0 $0 $0 0.00% Internal Revenue Generated: 1,528,546 1,421,114 (107,432) - 7.03% Licenses and Permits 618,400 750,200 131,800 21.31% Intergovernmental 456,889 484,000 27,111 5.93 % Charges for Services 1,085,200 1,204,900 119,700 11.03% Fines & Forfeits 90,000 90,000 0 0.00% Recreational Fees 224,100 233,700 9,600 4.28% Miscellaneous Revenues 91,842 121,500 29,658 32.29% Transfers In 3,500 3,500 0 0.00% Enterprise Revenues 3,595,200 3,846,000 250,800 6.98% Total Internal Revenues 6,165,131 6,733,800 568,669 9.22 % MVHC Cuts Made Later To Include in Levy 350,330 0 Levy Sources: Special Levies 1,528,546 1,421,114 (107,432) - 7.03% General Levy 6,744,899 7,429,900 685,001 10.16% Total Levy $8,273,445 $8,851,014 _ $577,569 ww 6.98% Loss of MVHC from State Funding $350,330 $0 ($350,330) n/a Total Revenue Sources $14,088,246 $15,584,814 $1 ,496,568 10.62% NOTE: Special Levies include (1)Bonded Indebtedness, (2)Fire Station Levy and (3)Armory Anticipatory Levies 2004 GENERAL PROPERTY TAX LEVY PAYABLE 2005 GENERAL LEVY GENERALFUND BUILDING CIP FUND STREET CIP FUND EQUIPMENT CIP FUND INSURANCE FUND PORT AUTHORITY OPERATING LEVY TOTAL GENERAL LEVY BONDEDINDEBTEDNESS G.O. MUNICIPAL BUILDING REFUNDING BONDS 1998A (ICE ARENA) (Authorized - $251,263) G.O. IMPROVEMENT BONDS 1999B (Authorized - $19,611) G.O. BONDS 2000B (Port Authority) (Authorized - $236,896) G.O. IMPROVEMENT BONDS 2001A (Authorized - $119,365) G.O. PUBLIC FACILITY BONDS 2001C (Port Authority) (Authorized - $169,764) G.O. COMMUNITY CENTER REFUNDING BONDS 2001E (Authorized - $99,878) G.O. PORT AUTHORITY BONDS 2002C (Authorized - $267,023) TOTAL BONDED INDEBTEDNESS MARKET VALUE BASED REFERENDUM -1995 FIRE STATION LEVY G.O. FIRE STATION BONDS, 1996A (Authorized - $153,426) TOTAL FIRE STATION LEVY PRINCIPAL AND INTEREST ON ARMORY BONDS ARMORY ANTICIPATORY LEVIES ($95,000 + ($1,607,188,500 x.00798%)) (As of 8/31/04) TOTAL PRINCIPAL AND INTEREST ON ARMORY BONDS GRAND TOTAL 2004 PROPERTY TAX LEVY $5,083,300 $48,000 $1,550,000 $433,600 $255,000 $60,000 $7,429,900 $251,263 $19,611 $236,896 $0 $169,764 $99,878 $267,023 $1,044,435 $153,426 $153,426 $223,253 $223,253 $8,851,014 SPREAD LEVY COMPUTATIONAL WORKSHEET (INCLUDING FIRE STATION LEVY) (Proposed) 2002 2003 2004 2005 Total Funding Requirements 9,096,572 10,021,884 14,088,246 15,584,814 (5) Less: Internal Revenues 1,811,589 1,930,789 6,165,131 6,733,800 Less: Market Value Based Levy - Fire Station (See Below) 154,482 156,130 .~ 152,193 153,426 (4) Equals: Revenues Needed 7,130,501 7,934,965 _ 7,770,922 8,697,588 Add Back In State MVHC Cuts to Reflect Actual Levy n/a n/a 350,330 0 City Adjustments (All Subtractions): Local Government Aid (LGA) 394,723 402,142 0 0 (2) Homestead & Agricultural Credit Aid (HACA) 0 0 0 0 (2) Levy Certified by City to County Auditor 6,735,778 7,532,823 8,121,252 8,697,588 County Auditor Adjustments (All Subtractions): Fiscal Disparities Distributuion Levy (Metro Area) 708,036 _ 771,998 844,509 804,414 (3) Spread Levy Used to Compute Local Tax Rate 6,027,742 (1) 6,760,825 (1) 7,276,743 (1) 7,893,174 Increase from Previous Year in Spread Levy 12.16% 7.63% 8.47% Market Value Based Referendum Levy - Fire Station 154,482 156,130 152,193 153,426 (4) (1) Actual Spread Levy Based on Numbers from Dakota County (2) 2005 Numbers Provided by Minnesota Department of Revenue (Year 2002 HACA is removed as the HACA was repealed by the legislature & Year 2004 City loses all of its LGA) (3) 2005 Number Provided by Dakota County as of 8/31/04 (4) Market Value Based Levy for Fire Station - Based on $153,426 Levy Spread to Taxable Market Value on 12131/04 Last Update from Dakota County 8/31/04 Shows the Levy of $153,426 / $1,578,911,100 = $.0972 per $1,000 as our Estimate (5) In 2004 Started Including the Water, Sewer, Storm Water & Arena Enterprise Funds In These Figures Last Update - 9/3/04 CRY OF ROSEMOUNT WORKSHEET FOR ESTIMATING RESIDENTIAL PROPERTY TAXES (ISD #196 FIGURES) Market Value 150,000 --_ _ --`- 200.000 250.000 300,000 Year 2003 2004 2005 Est 2003 - -: 2004 2005 Est 2003 2004 2005 Est 2003 2004 2005 Est Tax Capacity 1,500 1,500 1,500 - 2,000 2,000 2,00 2,500 2,500 2,500 3,000 3,000 3,000 Tax Capacity Rates: City County 57.123% 32.463% 52.368% 30.30% 48.304% 30.300% 57.123% 52.368% 48.304% 57123% 52.368% 48.304% 57.123% 52.368% 48.304% School District 27.638% 26.074% 26.074% 32.463% 27.638% 30.30% 26.074% 30.30% 26.074% 32.463% 30.30% 30.300% 27.638% 32.463% 30.30% 30.300% Miscellaneous _ 5.225% 5.128% 5.128% 5.225% 5.128% 5.128% 26.074% 26.074% 5.225% 5.128 % - .5.128% 27.638% 5.225% 26.074% 5.128% 26.074% 5.128% Totals 122.449% 113.870% 109.806% 122.449% 113.870% 109.806% • 122.449% 113.870% 109.806% 122.449% 113.870% 109.806% City Market Referendum ISD #196 Market Ref 0.001382 0.01612 0.001138 0.000972 0.001382 0.001138 0.000972 0.001382 0.0001138 0.0000972 0.0001382 0.001138 0.0000972 Dakota County Ref Na 0.013978 0.000754 0.013967 0.00754 0.01612 .0.013978 0.013967 0.01612 0.013978 0.013967 0.01612 0.013978 0.013967 Na 0.0000754 0.0000754 n/a 0.000754 0.000754 n/a. 0.00754 0.00754 Property Taxes: City County 746 424 676 391 620 389 1,053 598 959 881 1,359 1,241 1,143. 1,666 1,524 1,404. School District 361 337 335 509 555 477 553 - 476 772 718 717 658 618 617 947 882 881 Miscellaneous 68 y - 66 66 96 94 94 124 122 121 BW 152 759 149 758 149 Total Property Taxes City Market Referendum 1,599 21 1,471 1,410 2,257 2,085 2,004 2,914 2,699 2,598 3,571 ` 3,314 3,192 ISD #196 Market Ref 242 17 210 15 210 28 322 23 280 19 279 35 28 24 403 349 349 41 484 34 419 29 419 Dakota County Ref r✓a _---••� _11 _ - 11 rda 15 15 rda 19 19 rda 23 23 Grand Total AB Taxes $1.862 $1_709 $1 _ $2.607 $2.402 $2,318 $3,351 $3,096 = = = =$ $2,990 $4,096_ $3,790 $3,663 Market Value 40,00 60,00 History of Actual Tax Capacity Rates (Using ISO 0196 Rates) Year 203 2004 2005 Est 203 u 2004 2005 Est 200 201 202 203 2004 205 Est Tax Capacity 4,00 4,00 4.000 7,50 7,50 7,50 City's Rate Tax Capacity Rates: -7.75% City County 57.123% 32.463 % - 52.368% 30.30% 48.304% 30.30% 57.123% 52.368% 48.304% 39.335% 36.553% 59.546% 57.123% 52.368% 48.304% (1),(2) School District - 27.638% 26.074% 26.074% 32.463% 27.638% 30.30% 26.074% 30.30% 26.074% 27.247% 25.320% 33.102% 53.231% 53.249% 28.883% 32.463% 30.300% 30.30% (2) Miscellaneous 5.225% 5.128% 5.126% .5.225% 5.128 %. 5.128% 6.455% 6.378% 5.021% 27.638% 5.225% 26.074% 5.128% 26.074% (2) 5.128% (2) Totals = == 122."9% 113 = == 109.06% == = 122 .449 % = == 3_870 % = = = 09 = 806 % 3S 126268 % = == 121_50 %_ = = 126552% = == = 22.449 % = 113.8 %_ == = 09 = 806% City Market Referendum ISD #196 Market Ref 0.001382 0.01612 0.001138 0.000972 0.001382 0.001138 0.0000972 0.002142 0.001808 0.001616 0.001382 0.001138 0.0000972 (2) Dakota County Ref We 0.013978 0.0000754 0.013967 0.000754 0.01612 Na 0.013978 0.013967 0.011966 0.010648 0.017859 0.016120. 0.013978 0.013967 (2) 0.0000754 0.000754 n/a n1a n/a 0.0000935 0.000754 0.000754 (2) Property Taxes: City County 2,279 1,295 2,089 1,927 4,362 4,05 3,697 Net Tax Capacity Percentages School District 1,103 1,209 1,040 1,209 1,040 2,479 2,111 2,317 1,994 2,319 For Residential Homesteads: Miscellaneous 208 205 205 399 392 1,995 .392 Equal to or Less Than $50,00 1.0% 1.0% 1.0% Total Property Taxes 4,886 - _• 4,542 4,380 9,351 8,708 8,403 - Over $500.000 1.25% 1.25% 1.25% City Market Referendum 55 46 39 83 - 68 58 ISD #196 Market Ref 645 559 559 967 839 838 Dakota County Ref rda 30 30 n/a 45 45 Grand Total All Taxes $5,586 $5,177 $5,08 $10,401 - = = == $9,660 $9,345 Tax Credit for homestead Properties: (For 1998 Through 201 Credit Applied. to School Districts. Only) - - (Based on % of Tax Capacity) (For 2002 and On Credit Applied to All Organizations Proportionately) Less Than Initial Value of Tax Capacity rda rda Wit (2) Over Initial Value (Maximum Allowed) $304 $304 - $304 (2) Initial Value Used to Calculate Credit $76,00 $76,00 $76,00. (2) - (1) This Figure Derived Using Figures Provided by Dakota County: (a) 204 Projected Levy. Less Fiscal Disparities(Last Year's) as of 9/3/04 7,693,174 / 16,340,741 = 0.483036 (b) Net Tax Capacity Figure as of 8!31/04 18,307,596 (c) Captured Tax Increment Tax Capacity as of 6131/04 (477,202) (d) Contribution to Fiscal Disparities as of 12/31/04 (1,489,653) Last Updated • 8117104 (2) These Figures Provided by Dakota County -None Available at Thus Time 16,340,741 (City's Referendum Esimated Based on 8131104 Referendum Market Value) (School District's Referendum Does NOT Include Referendum Approved 6104)