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Home My WebLink About6.d. Resolution Setting 2001 Preliminary Levy and Budget Hearing DatesCITY OF ROSEMOUNT EXECUTIVE SUMMARY FOR ACTION CITY COUNCIL MEETING DATE: September 5, 2000 AGENDA ITEM: Resolution Setting 2001 Preliminary Levy AGENDA SECTION: and Budget Hearing Dates Consent PREPARED BY: Jeff May, Finance Director AGENDA NO. - ffm 6 ATTACHMENTS: Resolution, County Levy & Hearing Forms, APPROVED BY: and Summary Pages of 2001 Levy Information This evening, a resolution is before the Council to formally adopt the 2001 preliminary levy and to set the budget hearing dates required under truth in taxation laws. The preliminary levy and hearing dates are based on discussion that took place at the July 12 and August 9 Council work sessions. At the present time with the present levy the City's rate is expected to decrease about 7.15 %. We will also .have further discussion in September, October and November, especially after the citizens' truth in taxation notices are received in early November. Then we should have a better idea what the overall impact of the tax picture will be when the County's, the School Districts' and the Special Taxing Districts actual tax capacity rates are also figured in. At this time we do not have enough information provided to us by the County to know how any levy that we set will impact the citizens' total tax bill. This year we believe that the overall tax picture will be about the same as last years with overall taxes staying the same or going down slightly, but we feel it important to try and keep our own individual tax capacity rate at a manageable level. This is the second year in a row that our tax rate will be going down which is a reflection of our high growth rate but also our fiscal conservatism. RECOMMENDED ACTION: Motion to adopt A RESOLUTION SETTING THE PRELIMINARY 2001 GENERAL FUND OPERATING BUDGET, THE PRELIMINARY 2001 C.I.P. BUDGETS, THE PRELIMINARY 2001 INSURANCE BUDGET AND THE PRELIMINARY 2001 LEVY REQUIRED BY THE CITY OF ROSEMOUNT. COUNCIL ACTION: CITY OF ROSEMOUNT DAKOTA COUNTY, MINNESOTA RESOLUTION 2000 - A RESOLUTION SETTING THE PRELIMINARY 2001 GENERAL FUND OPERATING BUDGET, THE PRELIMINARY 2001 C.I.P. BUDGETS, THE PRELIMINARY 2001 INSURANCE BUDGET AND THE PRELIMINARY 2001 LEVY 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 2001 will be in the amount of $6,905,900 for the General Operating Fund, the three GIP Funds and the Insurance Fund; and WHEREAS, the City Council has determined that special levies for Bonded Indebtedness (including $152,508 for the market value based referendum levy for the fire station) and the Armory Project total $1,113,168; and WHEREAS, the City Council has determined that actual incomes, fund transfers and anticipated aids will total $2,688,592. NOW, THEREFORE BE IT RESOLVED, that the total Preliminary Levy certified to the Dakota County Auditor shall be $5,177,968 for the normal levy and $152,508 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 4, 2000, 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 11, 2000, at 6:30 P.M. RESOLUTION 2000 ADOPTED this 5 day of September, 2000. Cathy Busho, Mayor ATTEST: Linda J. Jentink, City Clerk CERTIFICATION 1 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 5"' day of September, 2000, 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: DAKOTA COUNTY c ity of Rosemount OFFICE OF THE TREASURER- AUDITOR - TAXING DISTRICT NAME PAYABLE 2001 PROPOSED LEVY CERTIFICATION FORM FORM B afe o RegwceMe�nt Tax Re4ourc. ID :: €_ € €I GA hfiACA .::.:.:.:.::: General Revenue $ 6,905,900 s 394,496 s 577,707 s 1,716,389 $ 4,217,308 Debt Service Total * 960,660 960,660 Road and Bridge Other (identify) Total s 7,866,560 s 394,496 is 577,707 i 1,716,389 $ 5,177,968 - provide oreamown of certified levy by individual bond on reverse side or attach an additional sheet Value Based Referendum 152,508 A- Budget Requirement ................... ............................... Amount needed to fund services. B-LGA (Local Government Aid) ....................... ............................... These aids are certified to the tabng district by the Department of Revenue. They can be used C -HACA (Homestead & Ag Credit Aid) ................ to reduce any budge: item ivy requirement combination of items or be deducted proportionally from all levy requirer wnz_ D -Other Resources ...................................... ............................... All other resources tat wZI to used to finance your tabng districts budget. Including but not limited to other aids, interest inccrne. prior year reserves, grants, etc. E- Certified Levy ............................................ ............................... Levy certified to the Cotxy 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 A Finance Director Signaturfof pelsO completing form Title (See Attached) (651) 322 -2031 Phone (include area -code) • 11 2000 GENERAL PROPERTY TAX LEVY PAYABLE 2001 GENERAL LEVY GENERAL FUND $2,974,608 BUILDING CIP FUND $202,000 STREET CIP FUND $570,000 EQUIPMENT CIP FUND $280,700 INSURANCE FUND $190,000 TOTAL GENERAL LEVY $4,217,308 BONDED INDEBTEDNESS G.O. IMPROVEMENT BONDS 1991A (Authorized - $10,250) $10,250 G.O. COMMUNITY CENTER BONDS 1992C (Authorized - $99,393) $99,393 G.O. IMPROVEMENT BONDS 1992D (Authorized - $7,923) $7,923 G.O. MUNICIPAL BUILDING BONDS 1992E (ICE ARENA) (Authorized - $258,818) $258,818 G.O. IMPROVEMENT BONDS 1993A (Authorized - $2,536) $2,536 G.O. MUNICIPAL BLDG REFUNDING BONDS 1993D (Authorized - $148,129) $148,129 G.O. BONDS 1993E (Port Authority) (Authorized - $66,518) $66,518 G.O. BONDS 1994A (Port Authority) (Authorized - $171,597) $171,597 G.O. IMPROVEMENT BONDS 1995A (Authorized - $19,935) $19,935 G.O: IMPROVEMENT BONDS 1998C (Authorized- $4,055) $4,055 G.O. IMPROVEMENT BONDS 1999B (Authorized - $9,025) $9,025 TOTAL BONDED INDEBTEDNESS $798,179 MARKET VALUE BASED REFERENDUM -1995 FIRE STATION LEVY G.O. FIRE STATION BONDS, 1996A (Authorized - $152,508) $152,508 ------------ TOTAL FIRE STATION LEVY -------- - - - - -- $152,508 PRINCIPAL AND INTEREST ON ARMORY BONDS ARMORY ANTICIPATORY LEVIES ($95,000 + ($845,627,200x .00798 %)) $162,481 ----------------------- TOTAL PRINCIPAL AND INTEREST ON ARMORY BONDS $162,481 GRAND TOTAL 2000 PROPERTY TAX LEVY $5,330,476 DAKOTA COUNTY OFFICE OF THE TREASURER-AUDITOR PAYABLE 2001 TRUTH IN TAXATION HEARING DATE CERTIFICATION FORM A Taxing District Name: City of Rosemount Public Hearing Date: Monday, December 4, 2000 Time of meeting: 6:30 P.M. Place of meeting: Rosemount City Hall 2875 145th Street West, Rosemount, MN 55068 Continuation Date: Monday, December 11, 2000 PLEASE PROVIDE US WITH A CONTACT NAME AND PHONE NUMBER TO WHOM WE MAY REFER SPECIFIC TAXPAYER QUESTIONS. Name or Title*: Finance Director *as you would like it to appear on the TNT notice. Address: 2875 145th Street West Rosemount, MN 55068 Phone number: ( 651) 423 -4411 Signature of person , �J completing this form: V -- Title: Finance Director Phone number: (651) 322 -2031 Dater September 8, 2000 *** *Please include area code when identifying phone numbers**** O:\Taxation \Truth in Taxation \TNT HEARING CERTIFCATION ol.xls FUNDING REQUIREMENTS - USES (INCLUDING FIRE STATION LEVY) September 5, 2000 2000 2001 Adopted Proposed +/- Departments Budget Budget Difference Percentage Council Budget $86,318 $85,500 ($818) -0.95% Administration Budget 273,000 284,900 11,900 4.36 % Elections Budget 11,600 10,000 (1,600) - 13.79% Finance Budget 156,700 186,800 30,100 19.21% General Government Budget 280,700 294,800 14,100 5.02% Community Development Budget 484,200 571,700 87,500 18.07% Police Budget 1,366,300 1,495,400 129,100 9.45% Fire Budget 192,400 192,400 0 0.00% Public Works Operating Budgets: Government Buildings Budget 276,800 286,700 9,900 3.58% Fleet Maintenance Budget 337,100 357,900 20,800 6.17% Street Maintenance Budget 749,100 789,300 40,200 5.37% Parks Maintenance Budget 350,100 367,500 17,400 4.97% Park & Rec Budget - General Operating 610,800 650,800 40,000 6.55% Park & Rec Budget- Special Programs 83,200 89,500 6,300 7.57% Total Operating Budgets - General Fund $5,258,318 $5,663,200 $404,882 7.70% Building CIP Requirements 161,400 202,000 40,600 25.15% Street CIP Requirements 230,000 570,000 340,000 147.83% Equipment CIP Requirements 516,600 280,700 (235,900) - 45.66 % Insurance Budget Requirements 185,000 190,000 5,000 2.70% Bonded Indebtedness 780,513 798,179 17,666 2.26% Bonded Indebtedness - Fire Station Levy 155,715 152,508 (3,207) - 2.06 % Armory Anticipatory Levy (Value 7117/00) 152,940 162,481 9,541 6.24% * *$95,000 + ($845,627,200 x.00798%)** Total Funding Requirements $7,440,486 $8,019,068 $578,582 7.78% NOTE: Special Levies include (1)Bonded Indebtedness, (2)Fire Station Levy and (3)Armory Anticipatory Levies. FUNDING REQUIREMENTS - SOURCES (INCLUDING FIRE STATION LEVY) September 5, 2000 Levy Sources: 2000 2001 Special Levies 1,089,168 Adopted Proposed General Levy 3,803,383 Types Budget Budget Difference Percentage Local Goverment Aid (LGA) $396,549 $394,496 ($2,053) -0.52% Homestead & Agricultural Aid (HACA) 577,497 577,707 210 0.04% Internal Revenue Generated: Licenses and Permits 390,700 461,700 71,000 18.17% Intergovernmental 403,289 413,089 9,800 2.43% Charges for Services 410,300 ' 456,100 45,800 11.16% Fines & Forfeits 100,000 100,000 0 0.00% Recreational Fees 195,900 201,600 5,700 2.91% Miscellaneous Revenues 70,200 80,400 10,200 14.53% Transfers In 3,500 3,500 0 0.00% Total Internal Revenues 1,573,889 1,716,389 142,500 9.05% Levy Sources: Special Levies 1,089,168 1,113,168 24,000 2.20% General Levy 3,803,383 4,217,308 413,925 10.88% Total Levy $4,892,551 $5,330,476 $437,925 8.95% Total Revenue Sources $7,440,486 $578,582 7.78% $8,019,068 NOTE: Special Levies include (1)Bonded Indebtedness, (2)Fire Station Levy and (3)Armory Anticipatory Levies. 4 2000 GENERAL PROPERTY TAX LEVY PAYABLE 2001 GENERAL LEVY GENERAL FUND $2,974,608 BUILDING CIP FUND $202,000 STREET CIP FUND $570,000 EQUIPMENT CIP FUND $280,700 INSURANCE FUND $190,000 TOTAL GENERAL LEVY $4,217,308 BONDED INDEBTEDNESS G.O. IMPROVEMENT BONDS 1991A (Authorized - $10,250) $10,250 G.O. COMMUNITY CENTER BONDS 1992C (Authorized - $99,393) $99,393 G.O. IMPROVEMENT BONDS 1992D (Authorized - $7,923) $7,923 G.O. MUNICIPAL BUILDING BONDS 1992E (ICE ARENA) (Authorized - $258,818) $258,818 G.O. IMPROVEMENT BONDS 1993A (Authorized - $2,536) $2,536 G.O. MUNICIPAL BLDG REFUNDING BONDS 1993D (Authorized - $148,129) $148,129 G.O. BONDS 1993E (Port Authority) (Authorized - $66,518) $66,518 G.O. BONDS 1994A (Port Authority) (Authorized - $171,597) $171,597 G.O. IMPROVEMENT BONDS 1995A (Authorized - $19,935) $19,935 G.O. IMPROVEMENT BONDS 1998C (Authorized - $4,055) $4,055 G.O. IMPROVEMENT BONDS 1999B (Authorized - $9,025) $9,025 TOTAL BONDED INDEBTEDNESS $798,179 MARKET VALUE BASED REFERENDUM -1995 FIRE STATION LEVY G.O. FIRE STATION BONDS, 1996A (Authorized - $152,508) $152,508 TOTAL FIRE STATION LEVY $152,508 PRINCIPAL AND INTEREST ON ARMORY BONDS ARMORY ANTICIPATORY LEVIES ($95,000 + ($845,627,200 x.00798%)) $162,481 TOTAL PRINCIPAL AND INTEREST ON ARMORY BONDS $162,481 GRAND TOTAL 2000 PROPERTY TAX LEVY $5,330,476 i a SPREAD LEVY COMPUTATIONAL WORKSHEET (INCLUDING FIRE STATION LEVY) (Proposed) 1998 1999 2000 2001 Total Funding Requirements 6,708,325 6,995,146 7,440,486 8,019,068 Less: Internal Revenues 1,225,600 1,404,750 1,573,889 1,716,389 Less: Market Value Based Levy - Fire Station (See Below) 156,135 _ 153,363 155,715 152,508 (4) Equals: Revenues Needed 5,326,590, 5,437,033 5,710,882 6,150,171 City Adjustments (All Subtractions): Local Government Aid (LGA) 380,488 381,988 396,549 394,496 (2) Homestead & Agricultural Credit Aid (HACA) 550,773 550,493 577,497 577,707 (2) Local Performance Aid (LPA) 16,266 15,466 0 0 (2) Levy Certified by City to County Auditor ... 4,379,063 4,489,086 4,736,836 5,177,968 County Auditor Adjustments (All Subtractions): Fiscal Disparities Distributuion Levy (Metro Area) 475,045 530,667 581,379 612,593 (3) Spread Levy Used to Compute Local Tax Rate 3,904,018 (1) 3,958,419 (1) 4,155,457 (1) 4,565,375 Increase from Previous Year in Spread Levy 1.39% 4.98 °k 9.86% Market Value Based Referendum Levy - Fire Station 156,135 153,363 155,715 152,508 (4) (1) Actual Spread Levy Based on Numbers from Dakota County (2) 2001 Numbers Provided by Minnesota Department of Revenue (Year 2000 & 2001 LPA Is rolled into LGA as the LPA was repealed by the legislature) (3) 2001 Number Provided by Dakota County (As of 8/21100) (4) Market Value Based Levy for Fire Station - Based on $152,508 Levy Spread to Taxable Market Value on 12/31/00 Last Update from Dakota County 7117/00 Shows the Levy of $152,508 1$845,627,200 = $.1803 per $1,000 as our Estimate Last Update - 8128/00 M CITY OF ROSEMOUNT WORKSHEET FOR ESTIMATING RESIDENTIAL PROPERTY TAXES (ISD 0196 FIGURES) - (Beginning with 1998 Tax Credit for School Districts Included In calculations -See Below) Market Value 100.000 125,000 150,000 200,000 Year 1999 2000 ^ �2D01 Est 1999 ._ 2000 ^ -- _2001 Est 1999 ^�-- -�20DO W 2001 Est 1999 _.._ 2000 2001 Est Tax Capacity 1,175 1,156 ,1,156 1,800 1,569 1,569 2,025 1,981 1,981 2,875 2,808 2,806 Tax Capacity Rates: City 41.710% 39.335% 38.532% 41.710 39,335% 30.532% 41.710% 39.335% 36.532% 41.710% 39,335% 36.rr32% County 26122% 27147% 27.747% 70,372% 27,247% 27,247% 20,372% 77.747% 77747% 7n.377% 77.747% 71.741% School Ulalricl 511.311% 111731% 03.731% 5n.311% 53.231% 511:11% W11A I1'x, 5:1.731 %, 63,2:11'X, 5M311% 53.231% 53.2:11% Miscellaneous 0.702% ....__...._............ 6.455% ............ ..... 6.455% .............. 6.702 %. 6.455% 6.455% 6.702% 6.455% 6.455% 8.702% 6.455% 6.455% Totals 133.045% 126.268% 123.485% ......._.._..._.._ . .............__..._.._.._...... 133.045% 126.268% 123.465% ............................. _.......................... 133.045% 120.268% 123.405% _ .......... -._......................................... 133.045% 126.268% 123.465% City Market Referendum 0.0002342 0.0002142 0.0001803 0.0002342 0.0002142 0.0001803 0.0002342 0.0002142 0.0001803 0.0002342 O.OD02142 0.0001803 ISO #196 Market Ref 0.0008074 0.0011986 0.0011986 0.0008074 0.0011966 0.0011986 0.0008074 0.0011986. 0.0011986 0.0008074 0.0011986 0.0011986 Property Taxes: City 490 455 422 667 617 573 845 779 724 1,199 1,104 1,025 County 333 315 315 453 427 427 574 540 540 814 765 765 School District 385 285 285 681 445 445 820 885 605 1,299 1,104 Miscellaneous 79 _..__.._...._ 75 • ........ 75 .._ ....... ... 107 101 101 130 128 120 193 .1,104 181 161 Total Property Taxes 1,287 1,129 1,097 ""'- ___. ..__ 1 1,591 1,547 -------------- --------------- -" --------------- --- - 2,374 2,111 2,056 3,505 3,153 3,074 City Market Referendum 23 21 18 29 27 23 35 32 27 47 43 36 ISO #196 Market Ref - 81 ._ ........ _. ... _ ... 120. _ 120 ....... _........ 101 150 150 121 180 180. 161 240 240 Grand Total All Taxes =_ $1,39 1 = = .__'.......... $1 = 2 = =$1, 35 ... ............... __'___ ...... .-__........... ._'° $1, : = = ___= a =a = 3 =_ $1,7 8 tit = = = 9 _...................................................... _ $2,5 = 0 = = = =a $2,323 $2_26 ............... _-. ................... g3 = 1 = 3 -_-- $3, =38 =_ ........... ..... _ $3.350 Market Value 250,000 Yµ 2001 300,000 History of Actual Tax Capacity Rates (Using ISD #196 Rates) Year 1999 2000 y Est 1999 2000 `2001 Est _ 1996 ^T ^1997 r 1998 _- 1999 - _ 2000 2001 Est Tax Capacity 3,725 3,631 3,631 4.575 4,456 4,456 Tax Capacity Rates: City 41.710% 39.335% 36.532% 41.710% 39.335% 36.532% - 36.055% 35.627% 40.428% 41.710% 39.335% 36.532% (1) County 28.322% 27.247% 27.247% 28.322% 27.247% 27.247% 26.626% 25.721% 27.349% 28.322% 27.247% 27.247% (2),(3) School District 56.311% 53.231% 53.231% 56.311% 53.231% 53.231% 60.830% 58.189% 58.462% 56.311% 53.231% 53.231% (2),(3) Miscellaneous 6.702 %6.455% 6.455% 6.702% 6.455% 6.455% 5.108% 4.995% 5.797% 6.702% 6.455% 6.455% (2).(3) Totals 133_045% 126.268% 123.465% 133.045% 126.268% 123.465% 128.619% 124.532% 132.036% 133.045% 126.268% 123.465% City Market Referendum 0.0002342 0.0002142 0.0D01S03 0.0002342 0.0002142 0.0001803 0.0002988 0.0002706 0.0002532 0.0002342 0.0002142 0.0001803 (2),(4) ISO #196 Market Ref 0.0008074. 0.0011986. 0.0011986 0.0008074 O.OD11986 0.0011986 0.0012239 0.0010868 0.0009567 0.0008074 0.0011986 0.0011986 (2),(3) Property Taxes: City 1,554 1,428 1,326 1,908 - 1,753 .1,628 Net Tax Capacity Percentages County 1,055 989 989: 1,296 1,214 1,214 For Residential Homesteads: School District 1,778 1,543 1,543 2,256 1,982 1,982 Miscellaneous 25D 234 234 307 288 288: First $75,000 1.00% 1.00% 1.00% Total Property Taxes 4,636 4,195 Y 4,093 5,767 5,2375,112 $75,000 - $76,000 Over $76,000 1.70% 1.70% 1.00% 1.65% 1.OD% 1.65% City Market Referendum 59 54 45 70 64 54 ISO #196 Market Ref 202 300 300 242 360 360 Tax Credit for Homestead Properties: Wy =____ (Bas ad on % of Tax Capacity) Grand Total All Taxes . $4,548 $4,438 $6,079 $5.660 $5,525 x Less Than Initial Value of Tax Capacity 23.551 %. 28.580% 26.580% (2),(3) Over Initial Value (Maximum Allowed) $320 $390 $390 (2).(3) Initial Value Used to Calculate Credit $109,900 $112,650 $112,650 (2).(3) _ (1) This Figure Derived Using Figures Provided by Dakota County: . (a) 2000 Projected levy Less Fiscal Disparities as of 7121/00 4,565,375 ! 12.497,046 = 0.365316 (b) Net Tax Capacity Figure as of 612&& 14,601,548 (c) Captured Tax Increment Tax Capacity as of 0/28M (377,123) (d) Conlrb t on to Fiscal Disparities as of 7/27/00 (1,727,379) Last Updated •8/28100 (2) These Figures. Provided by Dakota County 12,497,046 , - (3) 2001 Numbers Not Yet AvaBaNe - Using 2000 Numbers for Estimalkg (4) City of Rosemount Esllmated MV Based Referendum as of 8128 152,508 1 $45,627,200 • 0.0001803