12-13-1999 Council Packet - Laserfiche WebLink

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COUWCII, MEETING REQUEST FOR COUNCIL ACTION DEC 1 3 1999 DATEffllcWnb(*!4W999 ITEM NO: Department Approval: Name RonMoorse Title City Administrator Administrator Reviewed:Agenda Section: City Administrator’s Report Item Description: Adoption of the 2000 Annual Budget and Tax Levy - Resolutions Attachments: 1. Resolution Adopting the Final 1999 Tax Levy Collectible in 2000 2. Resolution to Adopt the 2000 General Fund Budget 3. Resolution to Adopt the 2000 Special Revenue Funds Budgets Proposed 2000 Budget The proposed 2000 budget reflects an effort to address increased service needs, particularly in the public safety area. The budget also reflects increased expenditures to accommodate increases in costs from other agencies, and to adjust the City's compensation schedule to be competitive with the market. Tax Levy, Tax Capacity, and Impact on Properties The proposed property tax levy for 2000 is $2,363,500. This is an increase of $71,680 or 3.13% over the 1999 levy. Due to new construction and market-based property value increases, the City’s tax capacity has increased to $15,679,527 for taxes payable 2000. This is an increase of $1,062,198 or 7.27%. The increased tax capacity, together with the 3.13% tax levy increase, has resulted in a reduction in the City’s tax capacity rate from 15.380% to 14.800%. The effect of the proposed tax levy on property owners is as follows: A. A property valued at $ 100,000 for taxes payable 1999 and $ 105,000 for taxes payable 2000 would have an increase of 1.4% or $2.58 in the City’s portion of the property’ tax bill. B.A property valued at $200,000 for taxes payable 1999 and $210,000 for taxes payable 2000 would have a reduction of .6% or $2.47 in the City's portion of the property tax bill. I