Agenda - Council - 11/14/1989 - Laserfiche WebLink

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CASE COLLECTIBLE 1990 PROPERTY TAX LEVY AND 1990 GENERAL FUND BUDGET By: Sandra G. Ashley, Finance Officer Background: On September 21, 1989 a public hearing was held for the purpose of receiving citizen input on a proposed increase in the collectible 1990 Property Tax Levy. After receiving citizen input that evening, the proposed property tax levy was adopted and on September 26, 1989 a balanced budget for 1990 City operations was approved. Shortly thereafter, the City was notified that legislation from the 1989 Special Session resulted in a reduction to the City of Ramsey's Local Government Aid. Per my memorandum of October 24, 1989, under Special Session Law, the City has been notified of a $209,356 decrease in Payable in 1990 Local Government Aid. At the same time, the City's 1990 Levy Limit was increased by $152,847. This resulted in a net decrease in General fund Budgeted Revenue in the amount of $56,509. In anticipation of a change in the tax law, the Adopted 1990 Budget included an expenditure reserve in the amount of $56,509. Due to this, the decrease in revenue can be offset by a decrease in expenditures and the resuhing budget will still be a viable plan for general government operations in 1990. Observation: It should be noted that the last day for certifying the payable 1990 Proposed Property Tax Levy to the County Auditor is November 15, 1989. Recommendation: Council Action: Motion to adopt Resolution #89-11- valorum property tax levy. , approving the assessed. 1989, collectible 1990 current ad Motion to adopt Resolution #89-11. ., approving the 1990 General Fund Operational Budget. Review Checklist: City Administrator City Attorney City Engineer Community Development Director /jmt j.X Chief of Police Finance Officer Planning & Zoning Comm. Park & Recreation Comm. X