Agenda - Council - 12/14/1993 - Laserfiche WebLink

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I I I I I I I I I I i I I I I I ! I CASE ADOPT 1994 TAX LEVY AND GENERAL FUND OPERATING BUDGET By: Jessie L. Hart, Finance Officer Background: The 1994 Truth-in-Taxation Public Hearing was held on Wednesday, December 1, 1993 at 7:00 p.m. in the Council chambers. Prior to the meeting each member of the Finance Committee had been contacted regarding the notification received from Anoka County regarding the change in our proposed tax capacity rate for 1994. The tax capacity rate was changed from 17.787 to 18.447 due to a County error which resulted in a large overstatement of value on a piece of commercial property. The effect of this change is the City's increase on its share of the tax bill changes from 9.92% to 14.00%. This increase in our tax capacity rate has an approximately one half of a percent increase on the overall tax bill. Ail information distributed at the public hearing was based on the increased tax capacity rate. The 1994 Proposed General Fund Budget, as it has been presented and reviewed in the past several months, is based on the collection of tax dollars at the level that the 18.447% tax capacity rate would generate. State Statutes require that the 1994 Levy and Genera/Fund Budgets must be adopted at a meeting separate from the public hearing and before December 28, 1993. Therefore the 1994 Proposed Levy and General Fund Budget are presented for adoption at tonights council meeting. Staff Recommendation: Adopt Resolutions Adopting the 1994 Levy and I994 General Fund Operating Budget. Council Action: Motion to adopt Resolution g93-12-XXX Resolution Adopting the 1993, Payable 1994 Municipal Tax Levy, and Motion to adopt Resolution g93-12-XXX Resolution Adopting the 1994 City of Ramsey General Fund Operating Budget. Reviewed By: City Administrator Finance Officer CC: 12/14/93