CR 98-206 Adoption of 1999 Budget & Tax Levy
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December 1 0, 1998 o P K \ ~ Council Report 98-206
ADOPTION OF 1999 BUDGET AND TAX LEVY
Proposed Action
Staff recommends adoption of the following motion: Move to approve Resolution 98-093
adopting the 1999 budget and tax levy collectible in 1999.
Adoption of this motion will result in the staff forwarding the appropriate documentation
to Hennepin County for completion of the property taxes for 1999.
Overview
The City Council and staff have held a variety of meetings during 1998 to prepare for the
1999 budget and 1999 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, I 58,664 and
a tax levy of $5,382,640.
At the writing of this report, the official budget hearing has been held. It is likely that
additional changes will not occur prior to final adoption. Staff is recommending that the
council adopt the resolution setting the budget and tax levy for 1999.
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 1998.
Supportine Information
. Resolution 98-093
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Steven C. Mielke
City Manager
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CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
. RESOLUTION 98-093
RESOLUTION APPROVING 1998 TAX LEVY
COLLECTIBLE IN 1999 AND ADOPTING THE 1999 BUDGET
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF HOPKINS, MTNNESOT A, that the
following sums of money be levied for the current year collectible in ] 999 upon the taxable property in
said City of Hopkins, for the following purposes.
Proposed
General Fund $4,567,640
Equipment Replacement $ 485,000
General Obligation Bonds $ 240,000
Improvement Bonds $ 90,000
Total Levy $5,382,640
This levy is made based on current law and the 1999 General Fund Budget of$7,158,664_
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:
e Redevelopment Bonds 1- ] -97 Refunding Bonds (Taxable) 2-]-92
G.O. Sewer Revenue Bonds 12-1-89 & Refunded] 0-] 5-93 Improvement Revolving Bonds 8-1-92*
Redevelopment Bonds 12-1-89 & Refunded 10- I 5-93 Redevelopment Bonds C 10-1-96
Park Bonds 3-]-90* &Refunded 10-]5-93 * Redevelopment Bonds D ] 0-] -96
Refunding Bonds 3-]-90 & Refunded 10-15-93 Housing Bonds 9-1-95
Improvement Revolving Bonds 3-1-90* Housing Bonds 6- I -97
* 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 hearing of the Council held this
15th day of December, 1998.
Charles D. Redepenning, Mayor
ATTEST:
. Terry Obermaier, City Clerk