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2020 Budget – Page 2 <br />Staff has identified the following significant increases that are expected for key supplies <br />and services for the City. <br /> <br /> <br /> <br /> <br />3. There are some significant revenue increases that will offset some of the increased <br />expenditures. The agreement with Spring Park to provide public works service will bring <br />in $191,000 of new revenue. Increases to the Police Service contracts will total $103,000. <br />Spring Park and Minnetonka Beaches increases are based on the labor contracts 2022 <br />COLA, Mound’s increase is calculated on the Mpls/St. Paul CPI-U from May 2020 to <br />May 2021. <br /> <br />4. What level of increase in the tax increase is the Council comfortable with? The 2021 <br />property tax levy totaled $6,610,620. 2022 is the final year for the 2016 Debt Service <br />levy. <br /> <br /> 2021 2022 (E) <br />General Fund $4,921,140 $5,142,940 <br />Building Fund 310,000 390,000 <br />Pavement Management 750,000 900,000 <br />Parks 50,000 100,000 <br />2014 Debt Service 166,700 161,000 <br />2016 Debt Service 412,780 416,680 <br />Total: $6,610,620 $7,110,620 <br /> <br />Current estimates have the City’s taxable market value increasing by approximately 8%. <br />This increase would allow an increase in the levy of $500,000 without increasing the tax <br />rate. The City’s current tax rate is 16.78% and is the 4th lowest in Hennepin County. Each <br />increase of .1 in the tax rate is equal to approximately $39,000. <br /> <br />5. There are several organizational / position changes staff would like to explore during the <br />2022 Budget process. The majority of the changes should be budget neutral. The plan <br />will be to review these position changes with the Organization Committee this summer <br />and fall concurrent with the 2022 budget process so that any changes can be incorporated. <br />Department Description Cost <br />Police Body Cam Storage 10,270 <br />Central Services Recodification – 18 years since last done 25,400 <br />Elections 2020 is an election year (includes staffing for early voting 42,070 <br />Building & Zoning Inspection Services – Net increase with MnSpect 215,000 <br />Parks Building and Grounds Maint – Organic & Norlings 10,000 <br />Spring Park – PW Additional PW Costs 173,000 <br />All Departments Comprehensive Property and Casualty Ins 20,000 <br />All Departments Wage and Benefits (As highlighted above) 185,000 <br /> $507,740