CR 03-182 2003 Tax Levy and 2004 BudgetGyTY p~ ~,
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-~ December 10, 2003 H p p K ~ ~ s Council Report 03-182
THE 2003/2004 TAX LEVY AND THE 2004 GENERAL FUND BUDGET
Proposed Action
Staff recommends adoption of the following motion: Move to Adopt Resolution 03-110
approving the 2003 tax levy collectible in 2004 and adopting_the 2004 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 2004.
Overview
The City Council and staff have held a variety of meetings during 2003 to prepare for the
2004 general fund budget and 2004 tax levy. Budgets needed to be cut substantially this
year to achieve the level of funding proposed. 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 series 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;273,621 and
a tax levy of $7,704,136. The levy includes provisions for general fund operations, the .
new facility debt, other debt obligations and PERA contributions.
At the writing of this report, a public hearing was held on Monday, December 08, 2003. 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 2004 and
setting the 2004 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 2003.
Supporting Information
• Resolution 03-110
• Draft 2004 Budget
. Lori K Yager
Finance Director
CITY OF HOPKINS
HENNEPIN COUNTY, MTNNESOTA
RESOLUTION 03-110
RESOLUTION APPROVING 2003 TAX LEVY
COLLECTIBLE IN 2004 AND ADOPTING THE 2004 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 2004 upon the taxable property in said
City of Hopkins, for the following purposes.
Proposed
General Fund $ 6,654,321
PERA Rate Increase $ 11,815
General Obligation Bonds $ 210,000
Improvement Bonds $ 150,000
HRA Lease Revenue Bonds $ 678.000
Total Levy $ 7,704,136
This levy is made based on current law and the 2004 General Fund Budget of $8,273,621.
Provision has been made for the payment of the City's contributory dare to the Public Employees
Retirement Association.
Provision has also been made for the payment of principal and interest on the following bond issues:
HRA Lease Revenue Bonds 6-1-03* G.O. Storm Sewer Revenue Bands frl-03
HRA Public Facility Lease Revenue Bonds 12-12-2002* G.O. 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 12-04-2401
Park Bonds 3-1-90, Refunded 10-15-93and Refunded 12-04-2001*
G.O. Water Revenue Bonds 4-1-2000 G.O. Storm Sewer Revenue Bonds 8-1-1999
Taxable G.O. Housing Impr. Bonds 5-1-1999 G.O. Improvement Revolv. Bonds 8-1-I999*
Taxable G.O. Housing Impr. Bonds 8-I-1999 Housing Bonds 6-1-1997
Redevelopment Bonds 1- 1-1947 Redevelopment Bonds C 10-1-1996
Redevelopment Bonds D 10-1-1996 Housing Bonds 9-1-1995
RedeveI. 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 16th day of December, 2003.
Eugene Maxwell, Mayor
ATTEST:
Terry Obermaier, City Clerk