CR2002-194 2003 Tax Leby and GF Budget
CITY UF
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December 13,2002 HOPKINS Council Report 02-194
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THE 2002/2003 TAX LEVY AND THE 2003 GENERAL FUND BUDGET
Proposed Action
Staffrecommends adoption of the following motion: Move to Adopt Resolution 02-112
approving the 2002 tax levy collectible in 2003 and adopting the 2003 General Fund
budget.
Adoption of this motion will result in the staff forwarding the appropriate documentation to
Hennepin County for completion of the property taxes for 2003.
Overview
The City Council and staff have held a variety of meetings during 2002 to prepare for the
2003 general fund budget and 2003 tax levy. Budget Goals were adopted this spring and
were instrumental in guiding the staff as it prepared budget requests. The council adopted
other financial plans, i.e. the Capital Improvement Plan and the Equipment Replacement
Plan. These tools and a seIies of program and budget discussions have brought the city to a
point of final decision making.
. The budget in its' current form recommends spending in the general fund at $8,537,306 and
a tax levy of $7,062,252. The levy includes provisions for general fund operations, the
new faciEty debt, other debt obligations and PERA contributions.
At the wtiting of this report, a public healing was held on Monday. December 02, 2002. It
is likely that additional changes will not occur prior to final adoption. Staff is
recommending that the council adopt the resolution approving the tax levy for 2003 and
setting the 2003 general fund budget.
Primary Issues to Consider
. What alternatives does the City Council have?
The council could consider extending the budget deliberations for additional
information. The council must adopt a budget and approve a tax levy before the end of 2002.
Supportin2: Information
. Resolution 02-112
d-t~Yc.-zr' -
. Lori K Yager
Finance Director
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CITY OF HOPKINS
. HENNEPIN COUNTY, MINNESOTA
RESOLUTION 02-112
RESOLUTION APPROVING 2003 TAX LEVY
COLLECTIBLE IN 2002 AND ADOPTING THE 2003 GENERAL FUND BUDGET
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF HOPKINS, MINNESOTA, that the
following sums of money be levied for the current year collectible in 2002 upon the taxable property in said
City of Hopkins, for the following purposes.
Proposed
General Fund $ 6,167,437
PERA Rate Increase $ 11,815
General Obligation Bonds $ 190,000
Improvement Bonds $ 143,000
HRA Lease Revenue Bonds $ 550,000
Total Levy $ 7.062,252
This levy is made based on current law and the 2003 General Fund Budget of$8,537,306.
Provision has been made for the payment of the City's contributory share to the Public Employees
Retirement Association.
Provision has also been made for the payment of principal and interest on the following bond issues:
. HRA Public Facility Lease Revenue Bonds 12-12-2002* 0.0. PIR fund bonds 12-12-2002*
G.O. Tax Increment Redevelopment Bonds 12-12-2002 PIR Bonds 8-1-92*& Refunded 12-04-2001 *
G.O. Sewer Revenue Bonds 12-1~89, Refunded 10 15-93 and Refunded 12-04-2001
Park Bonds 3-1-90, Refunded 1O-15-93and Refunded 12-04-2001 *
0.0. Water Revenue Bonds 4-1-2000 0.0. Storm Sewer Revenue Bonds 8-1-1999
Taxable G.O. Housing Impr. Bonds 5-1-1999 G.O. Improvement Revolv. Bonds 8-1-1999*
Taxable G.O. Housing Impr. Bonds 8-1-1999 Housing Bonds 6-1-1997
Redevelopment Bonds 1- 1-1997 Redevelopment Bonds C 10-1-1996
Redevelupment Bonds D 10-1-1996 I-lousing Bonds 9-1-1995
Redevel. Bonds 12-1 89 & Refunded 10-15-1993 Refunding Bonds (Taxable) 2-1-1992
*Levy
BE IT FURTHER RESOLVED, that the City Clerk is hereby ordered and directed to transmit a
certified copy of this resolution to the County Auditor of Hennepin County, Minnesota.
Adopted by the City Council of the City of Hopkins at the levy adoption presentation of the Council held
this I8th day of December, 2001.
Eugene Maxwell, Mayor
ATTEST:
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Terry Obermaier, City Clerk