Agenda - Council - 09/09/1996 - Laserfiche WebLink

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CASE 1997 BUDGET DISCUSSION AND RESOLUTION APPROVING PROPOSED MAXIMUM i997 PAYABLE TAX LEVY AND SCHEDULING BUDGET PUBLIC HEARING DATES By: Jessie L. Hart, Finance Officer Background: 1997 Budget DS$cussion On Tuesday, August 27, 1996, the Finance Committee and City Council were presented with information that would balance the 1997 General Fund Budget requests [see Exhibit A] and maintain a constant tax capacity rate at 20.1968. Proposed 1997 Payable Tax Lew Proposed Tax Levies: General Fund Levy Debt Service Levy Haubirch Addition S&W Levy $1,592,019 10302 79.680 TOTAL PROPOSED LEVY - 1997 .I,682,101 The General Fund legy of $1,592,019, is the minimum amount necessary to balance the 1997 General Fund Budget meter incorporating the attached recommendations [Exhibit Al. The Debt Service levy of $10,402 is $622 more than the 1996 lew which, in turn, reduces the General Fund levying power for 1997. In addition to the proposed "operating levies" is $79,680 in "special levies" attributable to the most recent Charter ammendment. This amount is the portion of the Haubrich Addition sewer and water project that ii anticipated to be "deferred" under the new Charter provisions. Inclusion of this special levy causes a 4.97% increase in the proposed tax capacity rate bringing it to 21.2010. The minimum levy necessary to operate the budget as recommended would be $1,602,421 and would result in an estimated tax capacity rate of 20.1968, comparable to the 1996'rate. The attached resolution, as it is presented, reflects a maximum leW of $1,682,101 This levy includes the minimum 'dollars necessary to fund the General Fund budget as proposed and provides "working" room for continuing budget discussions [i.e., funding the Haubirch Addition sewer and water project]: prior to actual adoption in December. A levy at this level is estimated to result in a tax capacity:rate of 21.2010, or a 4.97% increase over the 1996 rate of 20.1968. iq-/