Agenda - Council - 11/22/1994 - Laserfiche WebLink

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Background: RI~VIEW PROPOSED 1995 ; By: Jessie Hart, CASE GENERAL FUND BUDGET Finance Officer The City Council ~dopted and certified to Anoka County the proposed maximum 1994, payable 1995, tax levy at ~eir regular meeting on September 12, 1994. This levy, which included a debt service levy for $2!4,931 and a general operations levy for $1,190,112, is the maximum amount the City can levy ts its final levy for payable 1995, resulting in an average City tax increase of 6.87%. The prop{ised property tax statements that were recently sent to residents reflected this maximum levy. The Proposed 19[~5 General Fund Budget, as it was presented on September 12, 1994, was a balanced budget th ~t did not utilize the full amount of thc certified proposed levy. Since that time, several situations h ~ve developed which require attention prior to the public hearing. Included in the PJ r)posed 1995 General Fund Budget was revenue for a lease payment in the amount of $39,37t for the rental of the metal building located at 14100 Jaspar Street N.W. The negotiations for th s lease have stopped and the rental of the building will not take place. As an offset to the antic~i~ated revenue from the lease, was funding for a salt storage shed in the amount of $20,000. This l:tudgeted expenditure was contingent upon the revenue generated from the lease. Also included inithe Proposed 1995 General Fund Budget was the purchase of four new (replacement) squ~tds for the Police Department. The cost was estimated at $13,900 per squad. Since the prepara~on of this document, the bids for the Ford Crown Victorias were received and the price has escalated to $16,717. Based on the abo¥te situations, and utilizing the maximum dollars available from levied property taxes, the followin~ table indicates the effects on the Proposed 1995 General Fund Budget: Maximum ~ojected Revenues (includes maximum levy) $3,259,505 Less: &[nticipated Lease Revenues (39,376) Adjusted Projected Revenues $3,220,129 Maximum proposed Expenditures $3,226,052 Less: F~nding for Salt Storage Shed (20,000) Plus: A~:lditional Funding for Police Squads (i~cludes increase in price and 1st year funding) 15,775 Adjusted P~oposed Expenditures $ 3,221,827 ! Projected Deficit $ (1,698) At the September ~2th meeting we had discussed a desire to eventually pass a levy at a 4.5% level (results in a City ~ax increase of approximately 3.78%). To achieve this, the $1,698 deficit indicated above in,eases to $35,141.