CR 01-205 Tax Levy and the General Fund Budget
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December 14, 2001
HOPKINS
Council Report 01-205
THE 200112002 TAX LEVY AND THE 2002 GENERAL FUND BUDGET
Proposed Action
Staff recommends adoption ofthe following motion: Move to Adopt Resolution 01-097
approving the 2001 tax levy collectible in 2002 and adopting the 2002 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 2002.
Overview
The City Council and staffhave held a variety of meetings during 2001 to prepare for the
2002 general fund budget and 2002 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 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 $8,346,588 and
a tax levy of $6,491,140. The levy includes provisions for debt and PERA contributions.
At the writing of this report, the budget has been reviewed publicly at previous council
meetings. 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 2002 and
setting the 2002 general fund budget.
Primarv 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 200 1.
Supportin2 Information
. Resolution 01-097
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Lori K Y.ger .
Finance Director
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CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 01-097
RESOLUTION APPROVING 2001 TAX LEVY
COLLECTIBLE IN 2002 AND ADOPTING THE 2002 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.
General Fund
PERA Rate Increase
General Obligation Bonds
Improvement Bonds
Total Levy
Proposed
$6,137,325
$ 11,815
$ 215,000
$ 127.000
$6,491,140
This levy is made based on current law and the 2002 General Fund Budget of $8,346,588.
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:
G.O. Sewer Revenue Bonds 12-1-89 & Refunded 10-15-93
Redevelopment Bonds 12-1-89 & Refunded 10-15-93
Park Bonds 3-1-90* &Refunded 10-15-93 *
Refunding Bonds 3-1-90 & Refunded 10-15-93
Refunding Bonds (Taxable) 2-1-92
Improvement Revolving Bonds 8-1-92*
Housing Bonds 9-1-95
Redevelopment Bonds C 10-1-96
Redevelopment Bonds D 10-1-96
Redevelopment Bonds 1- 1-97
Housing Bonds 6-1-97
Taxable G.O. Housing Impr. Bonds 5-1-99
Taxable G.O. Housing Impr. Bonds 8-1-99
G.O. Improvement Revolv. Bonds 8-1-99*
G.O. Storm Sewer Revenue Bonds 8-1-99
G.O. Water Revenue Bonds 4-1-00
G.O. Refunding Bonds 12-4-01
*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 18th day of December, 2001.
Eugene Maxwell, Mayor
ATTEST:
Terry Obermaier, City Clerk