Agenda - Council - 08/28/1984 - Laserfiche WebLink

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I I I I ,I I I I I I i I I I I I I To: All City Finance Officers Re: 1985 Local Government Aid Notice Page 2 August 8, 1984 LASI YEAR'S )K)USEHOLD ESIIMATE: If your city is located in the seven county metropolitan area, this is the 1983 household estimate determined by the Metropolitan Council. If your city is located outside of the seven county metropolitan area, this is the lg8z household estimate determined by the State Demographer's Office. CURRENT HOUSEHOLD ESTIMATE: If your city is located in the seven county metropolitan area, this is the 1984 household estimate determined by the Metropolitan Council. If your city is located outside of the seven county metropolitan area, this is the 1983 household estimate determined by the State Oemographer's Office. The 1984 State Demographer estimates will not be developed until 1985. BAIIO OF CHANGE FROM LAST YEAR'S 10 CURRENT HOUSEHOLD ESTIMATE: This is the difference between the 1984 household estimate and the 1983 household estimate, divided by the 19B3 household estimate. o GROWTH FACTOR: This is the greater of the ratio of change in population or the ratio of change in households. If both the population and household estimates decreased from last year to the current year, the growth factor adjustment is zero. 10. FINAL 1985 LOCAL REVENUE BASE: This is your city's IPD inflation adjusted local revenue base increased by your city's growth factor, if greater than zero. 11. 1983 AI~IUSTED ASSESSED VALUE: This is your city's taxable value for assess- merit year 1983 after adjustment for the assessor's level of assessment. The assessor's level of assessment is determined by the Property Equalization Division of the Department of Revenue. 12. 10 MILLS TIMES AEUUSTED ASSESSED VALUE: This is your city's 1983 adjusted assessed value multiplied by .OlO. 13. PRELIMINARY 1985 LOCAL GOVERNMENI AID: This is your city's final 1985 local revenue base minus the product of lO mills times your city's 1983 adjusted assessed value. 14. MAXIMUM AID: This is the maximum amount of aid that your city can receive in 1985. It is equal to 106 percent of your city's 1984 local government aid. 15. MINIMUM AID: This is the minimum amount of aid your city can receive in 1985. It is equal to your city's 1984 local government aid. 16. 1985 LOCAL GOVERNMENI AID: This is the actual amount of aid that your city will receive in 1985 under the local government aid formula. It cannot be less than your city's minimum aid nor greater than your city's maximum aid. m