CR 97-231 Adoption of 1997 Budget & Tax Levyi Y O
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December 12,1997 p K Council Report 97-z31
ADOPTION OF 1998 BUDGET AND TAX LEVY
Prop sed Action
Staff recommends adoption of the following motion: Move to approve Resolution 97-120
adopting the 1998 budget and tax levy collectible in 1998.
Adoption of this motion will result in the staff forwarding the appropriate documentation to
Hennepin County for completion of the property taxes for 1998.
Overview
The City Council and staff have held a variety of meetings during 1997 to prepare for the
1998 budget and 1998 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 $7,034,000
and a tax levy of $5,253,184.
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At the writing of this report, the official budget hearing has not been held. It is likely that
additional changes will occur prior to final adoption. Staff is recommending that the council
adopt the resolution setting the budget and tax levy for 1998.
Primary Issues to Consider
• What alternatives does the City Council have?
The council could consider extending the budget deliberations for additional
information. But the council must adopt a budget and tax levy before the end of 1997.
• Can the council increase the budget and or tax levy?
The council can only raise the budget and/or tax levy to the amounts adopted in
September of this year.
Supporting Information
Resolution 97-120
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Steven C. Mielke
City Manager
CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 97-120
RESOLUTION APPROVING 1997 TAX LEVY
COLLECTIBLE IN 1998 AND ADOPTING THE 1998 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 1998 upon the taxable property in
said City of Hopkins, for the following purposes.
Proposed
General Fund $4,438,184
Equipment Replacement Fund $ 485,000
General Obligation Bonds $ 240,000
Improvement Bonds 90 000
Total Levy $5,253,184
This levy is made based on current law and the 1998 General Fund Budget of $7,034,000.
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:
Redevelopment Bonds 1-1-97
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 Bonds3-1-90 & Refunded 10-15-93
Improvement Revolving Bonds 3-1-90*
*Levy
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Refunding Bonds (Taxable) 2-1-92
Improvement Revolving Bonds 8-1-92*
Redevelopment Bonds C 10-1-96
Redevelopment Bonds D 10-1-96
Housing Bonds 9-1-95
Housing Bonds 6-1-97
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 hearing of the Council held this
-`16th day of December, 1997.
ATTEST:
Terry Obermaier, City Clerk
Chazles D. Redepenning, Mayor