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1995 BUDSET <br />MAXIMUM ~995 <br /> <br />CASE # <br /> <br />DISCUSSION AND RESOLUTION APPROVING PROPOSED <br />PAYABLE TAX LEVY AND SCHEDULING BUDGET PUBLIC <br /> HEARING DATES <br /> By: Jessie L. Hart, Finance Officer <br /> <br />Background: <br /> <br />1995 Budget D~scussion <br /> August 19, i994, a memo regarding balancing the 1995 Proposed General Fund Budget was <br />On <br />distributed to Department Heads and supervisors and copied to the City Council. Included in this <br />information wa~ recommended adjustments to balance the budget utilizing a tax estimate which is <br />4.5% over the ~xes levied for 1994. The last page of information was a list of items that we <br />believe were th~ primary candidates for reconsideration if higher taxing levels are sought. <br /> <br />This memo, whtch is attached as Exhibit A, was discussed at a staff meeting on Monday, August <br />22, 1994, and a~ a result of that meeung, several add~nonal adjustments are being recommended in <br />add, non to thosl~ detmled m Rounds 1 and 2 on Exhibit A. These addmonal adjustments, which <br />are detailed on Exhibit B, maintain a balanced budget and do not change the original tax estimate <br />used. <br /> <br />Proposed 1995 ~ayable Tax Levy <br /> <br />During the last Council/Staff budget worksession, it was requested that I provide additional <br />information as tb the impact of increasing the tax levy to a point higher than the proposed 4.5% <br />dollar increase o~er the 1994 levy. This information is provided on the first schedule in Exhibit A. <br /> <br />A 4.5% increas~ over the 1994 levy amount results in an additional $43,012, an estimated tax <br />capacity rate of [19.3898, and an increase of 3.78% in the City's share of taxes proposed for 1995 <br />over those levie~ for 1994. The following table indicates the additional dollars that would be <br />collected at vari_.bus levels, up to a 10% dollar increase over the 1994 levy. Also indicated is the <br />percent increase ~a property owner would see to only the City's portion of the total tax bill. <br /> <br />Proposed % Inc in City <br />% Inc Over Additional Dollars Estimated Tax Taxes <br />1994 Levi,. Available * Capacity Rate Over 1994 Payable <br /> <br />5% $ 4,779 19.4683 4.20% <br /> <br />6% $ 14,337 19.6251 5.04% <br /> <br />8% <br /> <br />$ 33,453 19.9388 6.72% <br /> <br /> 10% $ 52,570 ,,20.2525 8.39% <br /> <br />* These wo~uld be the dollars available over and above the $43,012, which is the result of the <br /> 4.5% incr~ease over the 1994 levy amount. . <br /> <br />Attached as Exhil?its C are tables which indicate the changes in the City's share of taxes on various <br />values, for both c.Ommercial and homestead residential properties, at each of the levels indicated in <br />the table above. , <br /> <br />III <br /> <br /> <br />