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City of Hopkins - Preliminary Levy and 2003 Budget
." , . Preliminarv Levv and 2003 Bodeet On Tuesday, September 3,2002, the city council will be asked to set a prelimary levy amount for 2003 and set the public hearing dates for the truth in taxation process. Staff is recommending a prelimary levy of $6, 167,437 for the general fund, (a 0.05% increase over last year). This levy amount is the maximum levy_ It is also recommending a $11,815 levy for PERA increases, a $894,000 levy for debt service and facility improvements, (a 8% increase over last year) and a $106,000 levy for HRA operations, (a 6% increase over last year). At the same time the council will be expected to set the public hearing dates for the truth and taxation process. The recommended dates are Monday, December 9th and Tuesday, December 17th. The final adoption of the levy will occur on Tuesday, December 17th during a regular council meeting. . 2001 and 2002 Legislative Actions Levy limits have been reinstated for all counties and cities with populations over 2,500. The City of Hopkins has always stayed under levy limits in the past and has not regarded the limits as the levy amount. These limits are imposed to help control property tax increases. Increases are applied the levy limits for factors such as inflation, household growth, and increases in market value due to the construction of new commercial and industrial properties. This year the levy limit increases for all governments are extremely low due to the low inflation adjustment (0.76%) for 2003. The City's budget is designed to cover its' costs within a reasonable levy increase. In Minnesota property is taxed at different rates based upon its type. In 2003, only rental housing rate changes were adjusted down slightly. Residential tax classification rates are 1 % for all homes with . values of $500,000 or less. Commercial and Industrial tax classification rates are 1.5% for properties valued less than $150,000 and 2% for property above $150,000. Apartment tax classification rates are 1.5% for all non- subsidized units. What does all this mean? Because tax classification rates stayed basically the same and overall taxable market values increased 9.8%, the tax capacity value in Hopkins is anticipated to increase by 9.8% or $95,000,000 for 2003. This increase in tax capacity helps keep our tax rate down. If Hopkins overall tax capacity goes up and the city levy's stay the same, the tax rate would go down. The City of Hopkins received a substantial increase in its state aids for 2003 and 2004. The increased aid is a two-year aid adjustment for rental housing replacement aid. The state implemented an aid formula based on the rental housing units in each city. Although the majority of the tax implications occurred in 2002, the state is adjusting the disparity in 2003 and 2004. In 2003 the amount of rental housing aid is $258,462. Our total new state aid amount is $1,153,510. Of this, $50,000 is designated to the Art Center to support operations. Our net levy limit went down in 2003 by $224,203. This is a direct effect of the increases in state aid. The City of Hopkins is projecting levy increases of 0.5% for general fund operations, 8% for debt and 6% for the HRA. This amounts to a total increase over last years levy of $588,112. The facility improvement levy makes up $550,000 of this increase. The facility improvement levy could come down, depending on the sale of the bonds in October. . . 2003 Budgets As part of the preparation for the preliminary budget, departments are instructed to keep personnel increases at agreed amounts per our labor agreements and to keep total expenses at or below 4.5%. Labor agreements have not been settled for 2003. A change in health insurance carriers for 2003 has helped in keeping benefit increases down. Finance is projecting an overall increase in salaries and benefits of 3.8%. Salaries and benefits compose 76% of general fund expenditures. A projected increase in total expenditures of 2.4% is anticipated. Currently there is a new police officer position requested in the budget for a total of $60,000. The contingency budget is currently at $115,000. The biggest concern for 2003 is the impending state budget deficit. Pam Wheelock, the State Finance Commissioner recommended that local units of government anticipate a 10 to 20 percent cut in their allotted state aid for 2003. This equates to a $230,000 dollar deficit for the City of Hopkins in 2003. City staff is working on strategies to eliminate this possible budget deficit. Another item that affects the overall levy is the debt service levy. This levy is to increase by $554,000 to $894,000 for 2003. It is evident that increases in the levy amount will be needed in the future to pay for public improvements that are taking place now and in the future. HRA lease revenue bonds will be issued in 2002 and 2003. These bonds will pay for the facility project. PIR bonds will be issued in 2002 and new bonds are projected to be issued in 2004, 2006 and 2008. These bonds are partially paid with assessments and the other portion is paid with tax levy. The new levy for Housing and Redevelopment eligible activities is projected to increase 6%. These activities include housing redevelopment, land use, economic development and the administration of these activities. Availability of future funds has been significantly Iimiited for these types of activities. . Specifically, property tax changes impact the utilization of tax increment funds. The special levy is outside levy limits and therefore does not impact general fund levy amounts. 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GENERAL FUND AND PERA LEVY'S HISTORIC, CURRENT AND PROJECTED TAX LEVIES AND CITY TAX RATES Levy Total Levy PERA *** Tax Tax Gross Payable Before **Tax T ax Levy Levy Capacity Tax Levy Years Credits Capacity After Credits Rate * Increase 2006/07 7,867,714 15,041,371 11,815 6,937,571 46.12% 4.73% 2005/06 7,512,714 14,317,668 11,815 6,618,346 46.23 % 5.25% 2004/05 7,137,714 12,483,390 11,815 6,281,859 50.32 % 8.65% 2003/04 6,569,252 11,671,089 11.815 5,750,252 49.27% 6.31 % 2002/03 6,179,252 11,079,786 11,815 5,399,252 48.73 % 0.49% 2001/02 6,149,140 10,658,607 11,815 5,408,411 50.74% 8.60% 2000/01 5,661,993 13,451,366 3,972,233 29.53% 6.15% 1999/00 5,334,144 12,526,355 3,692,438 29.48% 5.57 % . 1998/99 5,052,640 11,749,302 3,481,583 29.63 % 3.87% 1997/98 4,864,184 11,936,742 3,305,016 27.69% 9.57% 1996/97 4,439,137 13,194,123 3,64 7,887 27.65 % -2.19% 1995/96 4,538,426 12,902,081 3,682,276 28,54 % 3.63 % 1994/95 4,379,653 12,981,406 3,510,380 27.04 % * Tax Capacity Rate Computation ** Tax capacity reduced by Fiscal Disparities contribution and Tax Increment Financing Distric ***Levy reduced by Fiscal Disparities distribution and HACA (Homestead and Ag Credit). . 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DEBT SERVICE LEVY'S HISTORIC, CURRENT AND PROJECTED TAX LEVIES AND CITY TAX RATES Levy Debt Tax Gross Payable Tax Levy **Tax Capacity Tax Levy Years Capacity Rate * Increase 2006/07 1,501,000 15,041,371 9.98% 5.33% 2005/06 1,425,000 14,317,668 9.95% -2.33% 2004/05 1,459,000 12,483,390 11.69 % 4.59% 2003/04 1,395,000 11,671,089 11.95% 56.04 % 2002/03 894,000 11,079,786 8.07 % 161.40% 2001/02 342.000 10,658,607 3.21% 2000/01 342,000 13,451,366 2.54% 3.64% 1999/00 330,000 12,526,355 2.63% . 1998/99 330,000 11,749,302 2.81% 1997/98 330,000 11,936,742 2.76% -55.39 % 1996/97 739,663 13,194,123 5.61% 27.84 % 1995/96 578,574 12.902,081 4.48 % 0.81% 1994/95 573,947 12,981,406 4.42% * Tax Capacity Rate Computation . Page 2 . _ Q) tf: ~ tf: tf: ~ gf if) tn if) if) ~ r:: * ~ \0 . \0 \0 8 .5.c r-- ~ r-- r-- > ....... 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