CR 2004-150 Approve Proposed 2004 Levy, Payable in 2005
C \ r y OF
Septem bel' 7, 2004 - City Council Report 04.150
. I--{OPKINS
APPROVE PROPOSED 2004 LEVY, PAYABLE IN 2005,
PROPOSED 2005 GENERAL FUND BUDGET
AND SET BUDGET PUBLIC HEARING DATES
Proposed Action
Staff recommends adoption of the following motion: Move that Resolution 04-073 "Approving proposed
2004 tax levy, collectible in 2005, proposed 2005 general fund budget, and setting public hearing dates" and
Resolution 04-75 "Approving a decrease in the 2005 tax levy requirement for the 6-1-2003 I-IRA Leased
Revenue Bonds" be adopted.
Adoption of resolution 04-73 will set a preliminary maximum tax levy for 2004, collectible in 2005 and
approve a proposed 2005 general fund budget. Actual budget and tax levy adoption will not occur until
Decem ber 2004. Adoption of resolution 04- 75 wi II approve a reduction in the amount collected for the 2005
debt service payment on the 2003 BRA Leased Revenue Bonds.
Overview
The Truth in Taxation process requires the City of Hopkins to certify a proposed levy and set public hearing
dates in confom1ance with state statute. A proposed general fund budget has been established. Adoption of
the actual budget will occur in December 2004, and at that time, the final levy may not exceed the approved
proposed levy. The city council is charged with the authority to establish a budget for 2005 and set the
preliminary levy. Levy limits have been repealed for 2005 which allows us more flexibility in setting the
e budget and levy for 2005.
The City tax levy proposed includes a levy "swap" of $400,000 from the debt levy to the general fund. Due
to significant project underruns we're proposing to use excess project funds from the fire & public works
faci Iity project to cover a portion of the 2005 debt requirement of the 2003 HRA Leased Revenue Bonds and
use a pOliion of that levy authority to help with project overruns on the police facility project.
. Staff is recommending that council approve the resolution setting the proposed levy for general fund
operations, approve the levy adequate for the payment of debt, approve a levy for the Housing and
Redevelopment Authority, establish a new levy to fund capital improvments and to set the public
hearing dates as set forth in the resolution.
Primary Issues to Consider
. Legislative impacts
. 2005 budget concerns
. Tax impacts of budget concerns
Supportin2: Information
. Staff analysis
. 2005 proposed general fund budget
. Historic Tax Levy Table
. Property tax impacts for Hopkins taxes payable 2005
. Resolutions 04-073 and 04-075
. tA;CJ!; /i~ d<,;I,'.,[ j-'
Christine M. Harkess
Finance Director
.
.
.
Staff Analysis
. . 2004 Legislative Actions
Local government aid (LGA), a property tax reI ief program to 836 of 853 cities, that ensures residents have
access to basic services, regardless of where in Minnesota they live, was permanently cut to $437 million in
an effort to balance the state budget. The City of Hopkins receives $50,000 in LGA, down from $1,880,000
two years ago, now a very small portion of the General Fund budget. In 2004 all cities received authority to
levy back 60% of the 2004 LGA loss, which we did. That levy increase amounted to $660,000. Any further
cuts in LGA will have minimal impact to us.
Levy limits have been repealed for all cities for 2005.
. 2004 Payable 2005 Levy
The City of Hopkins is proposing a total tax levy increase of $494,000 or 6.41 %. A currcnt gcneral fund
operating levy increase of 10.29% or $685,000, a current debt service levy decrease of 21.77% or $226,000,
no increase for the PERA adjustment, a current Housing and Redevelopment Authority levy increase of
$10,000 and a new levy for capital needs of$25,000. The City's levy's are proposed as follows: General
fund $7,339,321, HRA $] 0,000, PERA $11,815, Capital $25,000 and Debt $812,000 for a total levy of
$8,198,136. The overall tax capacity rate for the city wi II decrease to 49.469% from 56.865%, which due to
increased values, translates into an net zero increase over last year's city taxes for the average homeowner.
The increase in the operating levy for the general fund is a result of inflationary increases in expenditures
and part of the debt levy "swap" between two facility projects. The decrease in the debt service levy is a
. result of using surplus project funds to pay a portion of the 2005 debt service requirement for the 2003 HRA
Leased Revenue Bonds. The Housing and Redevelopment Authority levy for 2005 is a reinstatement of
their past levy authority, however it is at a significantly reduced level. In an attempt to establish a fund for
capital improvements we are proposing a levy of $25,000.
The City of Hopkins' tax base increased by $23.14% or $2.754 million due to the decertification of a tax
increment district, a new housing development coming on at full value and general increases in property
values. All these factors contribute to keeping the proposed 2005 levy while increasing 6.41 %, at a net zero
increase for the average residential homeowner.
. 2005 Budget Analysis
The 2005 general fund budget, and the 2004/2005 general operating tax levy are proposed at $8,946,326 and
$7,351,]36, respectively. The proposed general fund budget and levy are set at maximum amounts with a
possibility of future reductions. The general fund budget is proposed to increase by $672,705 or 8.13% over
the 2004 budget. The 2005 operating budget includes a transfer to the police facility project of $400,000 to
help cover the cost of the over runs. Excluding th is transfer, operating expenditures in the general fund are
proposed to be increased by $550,553 or 6.9%. The increases are due to salary and benefit increases,
1I1surance both health and liability/property, fuel and fuel related products such as bituminous products,
and heating costs. Many of these costs are beyond our control.
Because we are a service related operation, salaries and benefits compose 76% of current general fund
expenditures and any labor negations have a tremendous impact on the budget. The coullci I and staff will
continue to work 011 a final budget that will allow for essential programs and services to be accomplished.
. Attached to this report is a summary of 2005 estimated general fund budget revenues and expenditure
appropriation requests. The summary shows historical revenues and expenditures, which allows liS to
analyze current and future requests.
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. Tax Impacts of Levy's
. Attached you'll find the proposed levy impacts for residential and commercial property.
Historically the City Council has set the proposed levy amount at the State's recommended levy limit. This
year due to the elimination of levy limits we have more flexibility in setting the levy. Finance is
recommending that the Council set the proposed levy at an amount that provides for a net zero increase to
the average residential homeowner. This levy allows us some flexibility in funding staff requests while
keeping the net tax impact to Hopkins taxpayers at a minimal level.
. 2004 Public Hearings for the 2005 Budget and 2004/2005 Tax Levy
Cities with populations above 500 are required to hold public hearings to give notification of the proposed
property tax levy for the taxes payable in 2005 and the proposed budget for 2005. The percentage increase
in the property taxes proposed and the specific purposes for a propeliy tax increase must be discussed at the
hearing.
There are restrictions on which dates cities are able to hold public hearings for their proposed 2005 budget
and property tax levy. The legislature has set aside the first two Mondays in December for the use of cities
to hold their Initial Public Hearing and the Continuation Hearing. The City of Hopkins can choose other
dates but it must not overlap the county or school districts dates and must be between November 29,2004
and December 20, 2004. There are other restrictions that must be adhered to also.
Staff is recommending the City Council set its initial hearing date for December 13, 2004 with a
continuation hearing date (if needed) for December 20, 2004, and final adoption to follow on December 21,
. 2004.
.
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CITY OF HOPKINS
INCLUDES GENERAL FUND, DEBT SERVICE, HOUSING & REDEVELOPMENT and PERA
. HISTORIC, CURRENT AND PROJECTED TAX LEVIES AND CITY TAX RATES
Total City
Levy Total Levy Tax Tax Gross
Payable Before Tax Capital HRA Debt PERA Levy Capacity Tax Levy
Years Credits Capacity LeY}' Tax Levy Tax Levy Tax Levy A fter Credits Rate Increase
2004/05 8,198,136 14,655,800 25,000 10,000 812,000 1l,815 7,250,087 49.469O/', 6.41 %
2003/04*** 7,704, I 36 I 1,901,703 ] ,038,000 11,815 6,767,872 56.865% 7.48%
2002/03** 7,168,252 11,140,72] 106,000 883,000 [ 1,8]5 6,348,865 56.988% 8.76%
2001102* 6,591,140 10,658,607 - 100,000 342,000 11,815 5,850,411 54.889% 9_78~.';'
2000/0 I 6,003,993 ] 3,45 ] ,366 342,000 4,3 ] 4,233 32.073% 6_00~';'
1999/00 5,664,144 12,526,355 330,000 4,022,438 32.[ ]2% 5.23%
1998/99 5,382,640 1],749,302 330,000 3,81 ],583 32.441% 3.63%
1997/98 5,194,184 11,936,742 330,000 3,635,016 30.452% 0.30%
1996/97 5,178,800 13,194,123 739,663 3,647,887 27.648% 1.21%
.95/96 5, J J 7,000 12,902,081 578,574 3,682,276 28_540% 3.30%
994/95 4,953,600 12,981,406 573,947 3,510,380 27.042%
* NO HACA
** First portion of new facility bonds levied
***Levy for second portion of new facility bonds and no local government aid.
]n 2002 the legislature removed HACA from the aids to local governments and reallocated it to school districts.
In 2003 the city implemented the initial debt service levy to pay for the facility projects.
In 2004 the legislature eliminated local government aids to the City of Hopkins
In 2005 the Limited Market Value Credit is being gradually phased out.
.
Page 4
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CITY OF HOPKINS
Hennepin County, Minnesota
RESOLUTION NO. 04-073
.
RESOLUTION APPROVING THE PROPOSED 2004 TAX LEVY COLLECTIBLE IN 2005,
APPROVING THE PROPOSED 2005 BUDGET, AND SETTING PUBLIC HEARING DATES
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 2005 upon the
taxable property in said City of Hopkins, for the following purposes.
General Fund $7,339,32]
Housing & Redevelopment Authority 10,000
PERA Rate Increase 11,815
Capital Levy 25,000
General Obligation Bonds 190,000
Improvemcnt Bonds 147,000
I-IRA Leased Revenue Bonds 475,000
Total Levy $8, I 98,] 36
That the Proposed 2005 General Fund Budget be set at $8,946,326.
Provision has been made in the 2005 Proposed Budget for the payment of the City's contributory share to the
Public Employment Retirement Association.
Provision has also been made for the payment of principal an interest n the following bond issues:
. 1-1-97 Redevelopment Bonds 10- ] -96 Redevelopment Bonds
12-1-89 Sewer Revenue Bonds 2-1-92 Taxable Refunding Bonds
Refunded 10-15-93 & 12-4-0] ]2-1-89 Redevelopment Bonds
8-1-92 Improvement Revolving Bonds Refunded ] 0-15-93
Refunded 12-4-01 3-1-90 Park Bonds Refunded 10-15-93 & 12-4-01
9- 1-95 Housing Bonds 5- ] -99 Taxable GO Housing Improvement Bonds
6-1-97 Housing Bonds 8-1-99 GO Storm Sewer Bonds
8- 1 -99 GO Housing Improvement Bonds 4-1-00 Water Revenue Bonds
8-1-99 GO Improvement Revolving Bonds 10-1-02 GO Improvement Revolving Bonds
10-1-02 Redevelopment Bonds 10-1-02 HRA Lease Revenue Bonds
6-1-03 HRA Lease Revenue Bonds 6- ] -03 GO Storm Sewer Revenue Bonds
Bold = Included in Levy
That the public hearing for the 2005 Budget and Tax Levy be set for December] 3,2004 with a continuation hearing
date of Deeember 20, 2004 at 6:30 pm in the City Council Chambers.
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 ofJ-lenncpin County, Minnesota_
Adopted by the City Counci I of the City of Hopkins this ih day of Septem ber 2004.
By
. Eugene Maxwell, Mayor
ATTEST:
Terry Oberlllaier, City Clerk
CITY OF HOPKINS
. Hennepin County, Minnesota
RESOLUTION NO. 04-075
RESOLUTION APPROVING A DECREASE IN THE 2005 TAX LEVY REQUIREMENT
FOR THE 6-1-2003 I-IRA LEASED REVENUE BONDS
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF HOPKINS, MINNESOTA,
That the 2005 levy for the 6-}-2003 HRA Leased Revenue Bonds be decreased by $495,000
from the minimum required amount due to excess funds on hand as a result of significant project under
runs.
BE IT FURTHER RESOL VED 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 this ih day of September 2004.
By
Eugene Maxwell, Mayor
ATTEST:
Terry Obermaier, City Clerk
.
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