Agenda - Council - 08/27/1985 - Laserfiche WebLink

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22. LOCAL EFFORT MILL RATE: This is a variable amount depending on your city's fiscal need per capita. If your city's fiscal need per capita is $300.00 or less, the local effort mill rate is equal to the fiscal need per capita divided by $16 per capita per mill. If your city's fiscal need per capita exceeds $300.00, the local effort mill rate is equal to 18.750 mills (300.00/16) plus the portion of your city's fiscal need per capita over $300.00 divided by $14 per capita per mill. The minimum local effort mill rate is 8.000 mills. 23. 1984 ADJUSTED ASSESSED VALUE: This is your city's taxable value for assessment year 1984 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. 24. FISCAL CAPACITY: This is your city's 1984 adjusted assessed value from line 23 multiplied by your city's local effort mill rate from line 22. 25. 1986 PRELIMINARY LOCAL GOVERNMENT AID: This is your city's final 1986 fiscal need factor from line 19 minus your city's fiscal capacity. If the fiscal capacity amount is greater than the fiscal need factor, your city's preliminary aid is zero. 26. ADJUSTED 1986 PRELIMINARY AID: This is the greater of your city's ' 1985 local government aid from line 6 or your city's 1986 preliminary local government aid from line 25. 27. FINAL ADJUSTED 1986 PRELIMINARY AID: For most cities, this is the same as line 26. However, if your city qualified for the attached machinery aid adjustment on line 10, this amount include's your city's attached machinery aid adjustment. 28. 1986 AID INCREASE: This is your city's final adjusted 1986 preliminary aid from line 27 minus your city's 1985 local government aid from line 6. If there is no increase, this amount is zero. ' 29. AID INCREASE ADJUSTED FOR APPROPRIATION LIMIT: The 1985 Legislature imposed a limit of $286,000,000 on the amount of local government aid that could be distributed to cities in 1986. Since the sum of the 1985 local government aid determined for cities amounted to $264,865,431, and since a city's minimum aid for 1986 is its 1985 local government aid, there is $21,134,569 of aid increase available to the cities for 1986. The total calculated aid increase for cities ' under the formula is $129,706,051. Part of this amount is reduced by the maximum aid limitations that follow this step. It was found that if the total aid increase at this step was reduced to $29,212,747, ' the total local government aid for cities after application of the maximum limits would be reduced to the appropriation limitation. Therefore, every city that had an aid increase for 1986 had its increase reduced to 22.52226% ($29,212,747 ; $129,706,051) of the calculated amount in order to stay within the appropriation limitation. ' 30. 1986 LOCAL GOVERNMENT AID AFTER APPROPRIATION: This is the ,sum of your city's 1985 local government aid from line 6 and your city's adjusted aid increase from line 29. 1 -3-