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Memo- 2007 Budget-General Fund & Levy CITY OF HOPKINS I FINANCE DEPARTMENT I MEMORANDUM From: November 9, 2006 Mayor & City Council ~ Christine Harkess, Finance DirectorO" Date: To: Subject: 2007 Budget - General Fund & Levy Staff has spent considerable time analyzing and refining the General Fund budget in order to reduc~ the levy. Our preliminary levy was set showing a 6.87% increase, which has now been reduced to 4.75%. This equates to a tax rate of 46.419 which is a decrease from 2006 of 3.819%. A listing of the items contributing to this reduction is attached along with how the tax reduction will impact residential properties. Attached is the following information: Listing of adjustments made to General Fund Budget 2007 Proposed Tax Levy as adjusted . 2007 Proposed Tax Levy and it's impact on residential property GENERAL FUND BUDGET ADJUSTMENTS CONTRIBUTING TO THE REDUCTION IN THE PROPOSED 2007 TAX LEVY Tuition reimbursement program · Activity Center floor refinishing moved to CIP Reduced new firefighter personnel request from 4 to 2 Reduced firefighter medical response budget from 12 hrs weekday/8 hrs weekend to 8 hrs weekday/8 hrs weekend · Skate Park equipment budget moved to ERP · Reduced scheduled equipment use charge rate increase so the rate charges remains at the 2006 level Salary and benefit reductions due to employee retirements, resignations, shifting of personnel to other departments and hiring of new employees at lower beginning salaries · Miscellaneous line item reductions across all departments 11/09/2006 CITY OF HOPKINS ANALYSIS OF TAX LEVY 2007 Revised Levy $ 7,550,071 $ 11,815 $ 50,000 $ 20,000 $ 7,631,886 $ 26,000 $ 62,000 $ 175,000 $ 59,000 $ 885,000 $ 1,207,000 $ 8,838,886 2007 Proposed Levy $ 7,728,711 $ 11,815 $ 50,000 $ 20,000 $ 7,810,526 $ 26,000 $ 62,000 $ 175,000 $ 59,000 $ 885,000 $ 1,207,000 $ 9,017,526 2002 2003 2004 2005 2006 $ 6,137,325 $ 6,167,437 $ 6,654,321 $ 7,261,263 $ 7,164,263 $ 11,815 $ 11,815 $ 11,815 $ 11,815 $ 11,815 $ - $ - $ - $ 25,000 $ 25,000 $ 100,000 $ 106,000 $ - $ 10,000 $ 20,000 $ 6,249,140 $ 6,285,252 $ 6,666,136 $ 7,308,078 $ 7,221,078 $ 62,000 $ 24,000 $ 26,000 $ 26,000 $ 26,000 $ 65,000 $ 60,000 $ 65,000 $ 62,000 $ 62,000 $ 215,000 $ 190,000 $ 210,000 $ 190,000 $ 180,000 $ 59,000 $ 59,000 $ 59,000 $ 59,000 $ 550,000 $ 678,000 $ 475,000 $ 890,000 $ 342,000 $ 883,000 $ 1,038,000 $ 812,000 $ 1,217,000 $ 6,591,140 $ 7,168,252 $ 7,704,136 $ 8,120,078 $ 8,438,078 (1 ) (2) $ 1,578,779 $ 577,112 $ 535,884 $ 415,942 $ 318,000 ose Special Levies: 19990 GO Perm Impr Revolving Bonds 2001 GO Refunding Bonds -Improv Rev 2001 GO Refunding Bonds - Park & Rec 2002B GO Improv Revolving Bonds Improvement Bonds HRA Revenue Bonds Subtotal Special Levies Pur PERA Levy Capital Levy HRA Levy Total General Levy * G n ral Op rations General Fund Other Levies: TOTAL LEVIES 400,808 I 4.75%/ 46.419% I -3.8190/01 $ 579,448 $ Increase over prior year P rcentage Incr (Deer) - 6.87% 53.855% 56.099% 56.664% 48.944% 48.262% 47.472% 67.914% 4.167% 1.007% -13.624% -1.393% I -1.637% 3.92% 5.40% 7.48% 8.76% 31.50% Total Percentage Incr/Decr in Tax Capacity Rate Tax Capacity Rate Revised 11/09/2006 Notes * Included in Operating Levy on Tax Statements (1) First portion of new facility bonds levied (2) Second portion of new facility bonds and no LGA llJO'.'f 'I AIJJE 1'ROl'A 2003 'f0 2004 A.5S\J1'AES A 15% INCREASE IN 1'AA. :r 'I AL\J1\ 1'ROl'A 2004 'f0 2005 ASS\J1'AES A 150/0 INCREASE IN ~~'f 'I ALlJE 1'ROl'A 2005 'f0 2006 ASS\J1'AES A 6.2% INCREASE IN l"" Revised 11/9/06 1.1\1\11',.0 osed 'fa"es. r"";sed City Increase' 'fax-es over A.nnua\ 2006 % M.arket "payable "previouS 'II 2001 ~ ~ ~~ 4.3% $\14,600 $829 $35 $\ ,096 $41 4.3% $230,922 $\,640 $10 4.3% $345,445 $2,418 $106 4.3% $52\,922 $69 $3 $9\ $4 $\31 $6 $206 $9 CI'f'l 01' l\OPl<.Il'S ' 11'A1' ACfS FOR C\'f'l LE\T'l S ES'fI1'AA.'f:S:~~~:Z ~6~'fEAD PROPER'f\' ::J 2()()6 'talles City Increase A.nnua\ 'fa1les over A.nl\Ua\ 2005 % M.arket "payable "previouS % '11 2006 ~ ~ ~ ~~ \\.8% $\64,401 $193 $94 .0.6% $1,049 $124 \\.8% .0.6% $2\1,44\ $\,510 $\85 \\.8% .0.6% $325,211 $2,312 $280 \\.8% .0.6% $49\,452 $66 $8 $81 $\0 $\3\ $15 $\98 $23 2()()5 'talles C~ease 2004 'fax-eS o'\'er Market "payable "previouS ~~~ $\42,962 $100 .$4 $\89,019 $925 .$6 $282,850 $\,384 .$9 $421,349 $2,092 _$\3 l'A0t<f\\L \' COS'f 01' LE\T'l $58 l'AO~l\L \' coS'f 01' LJ'.'l'l $11 l'A0~}1L \' coS'f 01' LE\T'l $1\5 l'AON'fllL \' coS'f 01' LE\T'l $\14 . . "",r\let "allle {or all illdl"idllals residellce. . 01\ tbe actu.al \1\crease \1\ ActUal t>l'l illl\,acts ilia)' "arJ de\,eodiOg \i\' \ Re\TiSed 111"}/vV Incr/(Decr) o\Ter fre\T10Us "'l ear if '"fait crr'i Of 110Y~S C"{~ "( 'C~'S 'Ip.JC.u&J\CfS fOR'" vP ES~~;~~~ 110N1ES'IBpJ) YROYER'I'l Rate is same witb Market \Talue lncr 50 61 91 $ $ lncr/(Decr) o\Ter fre\Tl0Us "'l ear at same "N1arl<.et \T alue (13) (11) $ $ 36 lncr/(Decr) City over yrevlOUS 'IaJ\.es 'l ear at 11\.cr Ya'jable 'IaJ\. Rate & 2001 N1arket 'Jalue ~ $ 831 $ 41.412 48.262 City '"faites faJ"ab1e ~ $ 195 2006 1'\ar\.et ~ 'fait Rate 5 48 141 $ $ (2.6) (39) $ $ 10 106 $ 1068 $ ~ ...! ..:;.1--- -- $ \.,569 $ 1,640 $ $ 2,312 $ 2,418 $ $ 164,100 $ 115,000 $~~ $ 325,200 $ 345,400 $ 491,400 $ 521,900