09-11-2000 Council Work Session - Laserfiche WebLink

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I \ ► > Updated 2001 Budf'et and Tax Levy Information August 22, 2000 Page 2________________________________ Building StafF Capacity for Technology Through hiring and training, the capacity to use technology to improve services and increase efficiency has been substantially strengthened. The use of e-mail and the Internet has already substantially increased the efficiency of communication. We are now in the process of implementing an automated database for ail property and land use-related information that will make it much easier to store and retrieve this information. We are continually finding or creating more effective and efficient ways to access and share information, which is a key element of everything we do. Levy for Future Capital Needs At the initial budget work session, the Council directed that the $90,000 of tax levy that is no longer needed for the debt service on the 1989 water revenue bonds and the 1985 sewer bonds be continued and designated toward future capital needs, such as the Long Lake fire station. I'he proposed 2001 budget now includes a $90,000 tax levy in the Improvement and Equipment Outlay Fund designated to a separate account for future capital needs. Tax Levy, Tax Capacity Rate, and Impact of Tax Levy on Property Owners The total tax levy required to fund the proposed 2001 budget is $2,443,350. This is an increase of $79,790 or 3.38% from the 2000 levy. The breakout of the use of tax levy revenues by fund is shovm in Attachment A-1. The estimated net tax capacity for taxes payable in the year 2001 is $ 17.451,598. This is an increase of $1,778,743 or 11.35% over the 2000 tax capacity. Based on the City’s tax capacity and the proposed tax lev>\ the tax capacity rate would be 13.761%. This is a 7.06% reduction from the 2000 tax capacity rate. Impact of Buduct and Tax Lew on Property Owners For a home valued at $200,000. assuming no increase in property values, the City’s share of the property tax bill would decrease by $29.35 or 7.1%. For a home valued at $500,000, the City’s share of the property tax bill would decrease by $81.13 or 7.1%. ff'