CR 92-247 Approve Tax LevyNovember 30, 1992
Proposed Action.
P K ` C�
APPROVE 1992 TAX LEVY AND
ADOPT THE 1993 BUDGET
Staff recommends adoption of the following motion: Move that Resolution # 92 -108 "Approving 1992
Tax Levy, Collectible in 1993. and Adopting the 1993 Budget ", be adopted.
Adoption of this resolution will enable compliance with the "Truth and Taxation" law enacted by the
Minnesota legislature for levy year 1990 and subsequent years.
Overview.
The legislation set many deadlines for specific action by the Council. The City Council has met all
deadlines to date. The levy and adoption of a budget may not occur later than December 16, 1992. The
final levy for operations may not exceed the proposed maximum levy of $4,867,800 adopted in
Resolution 92 -72 on September 1, 1992.
Primary Issues To Consider.
o What are the components of levy - General Fund and Debt Service?
o How will current actions relate to future financing?
Supporting Information.
o General Fund - 1993 Budget Overview.
General Fund - Revenues and Expenditures.
o Resolution 92 -108.
E. Schedler, Finance Director
Council Report #92 -247
•Balance 1 -1 -92
GENERAL FUND
1993 BUDGET OVERVIEW
1992 1992
BUDGET PROJECTED
Expenditures $ 5,817,000 $ 5,790,000
Revenues $ 5,817,000 $ 5,755,000
Net Change $ - $ (35,000)
Projected Fund Balance 12 -31 -92
PROPOSED ADOPTED
1993 BUDGET 1993 BUDGET
Expenditures $ 6,139,000 $
Revenues $ 6,139,000 $
Use of Fund Balance
Fund Balance 12 -31 -93
0
General Fund Debt Total City
Levy / Tax Tax
Payable Total Levy Tax Tax Levy Capacity Tax Levy Tax Levy Capacity
Years Before Credits Capacity After Credits Rate* After Credits After Credits Rate*
1992/93 4,867,800 13,153,323 2,847,505 21.65 605,151 3,452,656 26.25
1991/92 4,659,492 14,147,548 2,724,272 19.26 620,034 3,344,306 23.64
1990/91 4,509,000 15,098,819 2,607,031 17.27 824,176 3,431,207 22.72
1989/90 3,613,171 14,834,976 2,468,786 16.64 346,892 2,815,678 18.98
1988/89 2,938,690 17,279,592 2,437,412 14.11 272,028 2,709,440 15.68
*Tax Capacity Rate Computation:
Tax capacity reduced by Fiscal Disparities contribution and Tax Increment Financing Districts.
evy reduced by Fiscal Disparities distribution and HACA (Homestead & Ag Credit).
5
$ 3,080,744
$ (35,000)
$ 3,045,744
$ (171,500)
$ 2,874,244
SOURCE
REVENUES - GENERAL FUND
COMPARATIVE ANALYSIS BY SOURCE
1991 1992 BUDGET MANAGERS
ACTUAL REVISED PROPOSED ADOPTED
Current Revenues
Current Property Tax $ 2,744,961 $ . • 3,117,800 $ 3,237,300 $
Intergovernmental Revenue 1,506,783 1,632,000 1,761,000
License, Permits, & Fines 289,558 356,500 329,000
Use of Money & Property 608,753 366,200 384,700
Charges for Current Services 83,751 36,500 44,000
Other Revenue 279,800 275,000 330,000
Non Revenue Receipts 37,650 33,000 53,000
TOTAL CURRENT REVENUES $ 5,551,256 $ 5,817,000 $ 6,139,000 $
OBJECTIVE
EXPENDITURES - GENERAL FUND
COMPARATIVE ANALYSIS BY OBJECTIVE
1991 1992 BUDGET MANAGERS
ACTUAL REVISED PROPOSED ADOPTED
6
1993 BUDGET
1993 BUDGET
Current Expenses
Personal Services $ 4,067,510 $ 4,073,900 $ 4,273,700 $
Other Services and Charges 1,384,489 1,307,000 1,372,300
Supplies 369,295 368,400 • 379,900
Capital Outlays 77,979 56,900 103,100
TOTAL CURRENT EXPENSES $ 5,899,273 $ 5,806,200 $ 6,129,000 $
Other Financing Uses 6,531 10,800 10,000
TOTAL $ 5,905,804 $ 5,817,000 $ 6,139,000 $
•
•
CITY OF HOPKINS
Hennepin County, Minnesota
RESOLUTION NO. 92 -108
A RESOLUTION APPROVING 1992 TAX LEVY
COLLECTIBLE IN 1993 AND ADOPTING THE 1993 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 1993 upon the taxable property in
said City of Hopkins, for the following purposes.
General Fund
General Obligation Bonds
$4,015,000
852,800
This levy is made based on current law and the 1993 General Fund Budget of $6,139,000.
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:
ATTEST:
Redevelopment Bonds 5 -1 -88
G.O. Sewer Revenue Bonds 12 -1 -89
Redevelopment Bonds 12 -1 -89
Park Bonds 3 -1 -90*
Improvement Revolving Bonds 3 -1 -90*
*Levy
James A. Genellie, City Clerk
Refunding Bonds 3 -1 -90
Redevelopment Bonds 5 -22 -91
Refunding Bonds (Taxable) 2 -1 -92
Improvement Revolving Bonds 8 -1 -92*
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 budget hearing meeting of the Council held
this 7th day of December, 1992.
By
Nelson W. Berg, Mayor