Minutes - Council Work Session - 07/25/2023

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Acting Mayor Riley asked if these numbers are consistent with what the Council has discussed previously, just with the numbers from the County attached. Finance Director Lund said yes. She reviewed the non-discretionary items. She reviewed the different tax rates depending on which budget they move forward with. Councilmember Musgrove asked about the fiscal disparities and that they are broken out for the EDA and the bonds. She asked if there is a requirement that they go to these categories. Finance Director Lund said yes and explained that the fiscal disparities do have to go to the appropriate categories as these entities are taxed this way. Councilmember Musgrove asked if the Council has any discretion in this area. Finance Director Lund said no and that these are audited. She reviewed the status quo budget and the capital requests budget. She noted that she removed the two plow trucks as they are included in the property tax levy, as well as the police squad videos and firetruck which will be covered by the public safety funding that is coming to the City as part of the 2023 legislative session. She explained that if they did capital equipment certificates based on the 2024 request that currently do not have funding, they would levy around $119,500. She added that there are some numbers for the 2025 and 2026 requests as they will sometimes do a multi-year levy. Councilmember Woestehoff asked if they do a multi-year levy for equipment certificates if the assumption is that the price for the equipment stays the same and they are bought in their respective years. Finance Director Lund said yes and that there should be an inflationary number in place. She reviewed the options for the capital equipment certificates. She noted that the market value exclusion is going up by $100,000 but not until 2025. She stated that the average home value in Ramsey is $350,100, which is a 1% increase over last year. She reviewed the different levy amounts based on different budgets. Councilmember Woestehoff asked if they have the commercial numbers yet. Finance Director Lund stated that she did not run the commercial numbers yet as she was waiting for Council input due to the commercial valuations being much higher. She added that the State general tax is also looking at helping out with commercial properties. Councilmember Musgrove asked if the capital issuance is issued all in one year making the interest rate one number. Finance Director Lund said yes and that the interest rate is at the time of issuance regardless of whether it is a multi-year levy. City Council Work Session / July 25, 2023 Page 2 of 11