2023-030 Approving the Proposed 2024 Tax Levy, Setting Debt Service Levels at Levels Under Those Required in the Bond Documents, Approving the Proposed 2024 Budget, and Setting the Budget Meeting Date CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 2023-030
APPROVING THE PROPOSED 2024 TAX LEVY, SETTING DEBT SERVICE
LEVELS AT LEVELS UNDER THOSE REQUIRED IN THE BOND
DOCUMENTS, APPROVING THE PROPOSED 2024 BUDGET,
AND SETTING THE BUDGET MEETING DATE
NOW THEREFORE BE IT RESOLVED, that the City Council of the City of Hopkins
hereby approves the following sums be levied for 2024 upon the taxable property in the
City of Hopkins, for the following purposes:
General Levy
General $15,571,326
Special Levies
Debt Levies
2014A GO Bonds 97,000
2015A GO Street Reconstruction Bonds 250,000
2015B GO Tax Abatement Bonds 125,000
2016A GO Improvement Bonds 100,000
2016B GO Tax Abatement Bonds 36,781
2016C GO Bonds 200,000
2017A GO Street Reconstruction Bonds 915,000
2017B GO Tax Abatement Bonds 102,061
2018A GO Equipment Certificates 79,487
2018A GO Improvement Bonds 450,000
2019A GO Bonds 375,000
2019B GO Refunding Bonds 115,300
2020A GO Bonds 193,125
2020B GO Refunding Bonds 308,114
2021A GO Bonds 208,662
2022A GO Bonds 325,072
2023A GP Temporary Bonds 228,011
Subtotal Special Levies $4,107,613
Total Levy $19,678,939
That based upon staff analysis of special assessments currently levied for Permanent
Improvement Bonds, alternative revenue sources for the Capital Improvement Bonds
and Equipment Certificates, and available reserves within all debt service funds listed
below, that the debt service levies for 2024 for the following issues be levied at amounts
less than provided by the bond covenants.
Bond Issue
$1,895,000 GO Bonds of 2014A $ 97,000
$4,100,000 GO Street Reconstruction Bonds of 2015A $250,000
$4,335,000 GO Improvement Bonds of 2016A $100,000
$1,875,000 GO Bonds of 2016C $200,000
$11,795,000 Street Reconstruction Bonds of 2017A $915,000
$3,170,000 GO Tax Abatement Bonds of 2017B $102,061
$6,715,000 GO Improvement Bonds of 2018A $ 79,487
$3,285,000 GO Tax Abatement Bonds of 2018B $ 0
$12,185,000 GO Bonds of 2019A $375,000
$2,015,000 GO Refunding Bonds of 2019B $115,000
That the Proposed 2024 General Fund Budget be set at $18,421,803
That the budget meeting to discuss the 2024 budget and tax levy be set for December
4, 2023 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 of Hennepin County,
Minnesota
Adopted by the City Council of the City of Hopkins this 19th day of September, 2023.
By:
'="11"1" -Ianion, Mayor
ATT ST:
,
Amy Domeier, City Clerk