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TO: City Council
<br />FROM: Tom Kuehn, Finance Director
<br />DATZ: September 21, 1994
<br />sDDJ6Ct: 1984 Tax Levy Collectible in 1985
<br />The attached schedule is a comparison of 1981, to 1994 assessed values,
<br />proposed tax levies, and estimated mill rates. The assessed values
<br />shown for the 1985 collection year are not finalized but should be very
<br />close. As the schedule indicates, the assessed values have increased
<br />an estimated 6.9%, the tax levies requested have decreased 6.21, and
<br />the mill rates are decreasing 12.4%.
<br />The general ad valorem tax levy limitation was 51,090,109 for 1984 and
<br />is $1,15S,992 for 1985; an increase of $65,883 or 6.0%. 1 have
<br />attached copies of the 1985 and 1984 levy limitation calculations for
<br />your information. The 1985 calculation starts with the 1984 adjusted
<br />levy limit base; which is multiplied by the inflation adjustment of
<br />176.4% for 1985. This "Inflation adjusted" levy limit base i. Lhv.n
<br />multiplied by the larger of the population growth from 1983 to 1984, of
<br />the household growth from 1983 to 1984, but by not less than a factor of
<br />1.000. From the resulting "population/household adjusted" 1985 levy
<br />limit the 1985 local government aid is deducted to arrive at the final
<br />levy limit for 1985.
<br />The 1985 le — limitation does not include any special levies, which are
<br />outside the 'evy limit. Included in the special levies are those for
<br />payment of banded indebtedness. For taxes collectible in 1905 we
<br />recommend cancelling $46,990 in bonded debt levies. In addition
<br />$154,948 of the 1985 general levy limitation will not be requested.
<br />For taxes collectible in 1984Council levied $68,683 less than the levy
<br />limitation.
<br />85Budget.004
<br />CITE OF ORCM
<br />Assessed Values, Tax 'Levies, and Mill Rats
<br />Actual 1"4 vs. Estimated 1"S
<br />Collectible
<br />Collectible
<br />(Decrease)
<br />Assessed Value:
<br />1984
<br />1905
<br />Increaxe
<br />1
<br />Real Estate
<br />$93,799,375
<br />$199,205,162
<br />S 6,495,787
<br />6.0%
<br />Personal Property
<br />1,355,446
<br />1,463,446
<br />108,a00
<br />9.3
<br />Contribution
<br />(1,586,532)
<br />(1,745:182)
<br />158,659
<br />la.a
<br />Distribution
<br />1,721,825
<br />1,094,025
<br />172,299
<br />12.:
<br />TOTAL ASSESSED VALUE
<br />$95,290,114
<br />...........
<br />$101,817,451
<br />............
<br />S 9,617,337
<br />...........
<br />6.91
<br />.....
<br />Taxes:
<br />General Ad Valorem (Levy Limit)
<br />S 1,090,109
<br />S 1.155,992
<br />S 65,893
<br />6..%
<br />Levy Limit Cut by City
<br />_ 6i 8,S93i
<br />(154,948)
<br />86,265
<br />125.i
<br />Net Gen Ad valorem Leery
<br />_ i,021,426
<br />1,001,044
<br />(29,382)
<br />2.2
<br />Sewer i water Bond Debt Levy
<br />45,990
<br />46,000
<br />102
<br />.2
<br />Bond Levy Cut by City
<br />__- 4-(46,009)
<br />_ 46,909
<br />Net Bond Debt Levy
<br />_ 45,990
<br />— -c-
<br />(45,909)
<br />1J7.:
<br />TOTAL TAXES
<br />$ 1,067,326
<br />...........
<br />S 1,001,044
<br />...........
<br />S (66,282)
<br />............
<br />(6.2(i
<br />......
<br />Mill Hate:
<br />General Ad Valorem (Levy Limit)
<br />11.451
<br />11.354
<br />(.097)
<br />(.:):
<br />Levy uimit Cut by City
<br />(.710)
<br />(1.522)
<br />.812
<br />114.4
<br />Net Gen Ad Val,cem Le'ry
<br />10.741
<br />9.832
<br />(.909)
<br />(8_5)
<br />Sc�er s water Bond Debt Lew
<br />.483
<br />.452
<br />(.031)
<br />(6.4)
<br />Bend levv Cut by City
<br />- -
<br />(•452)
<br />.452
<br />Net Bond Debt levy
<br />.463
<br />-0-
<br />(•483)
<br />(i00.0)
<br />T`)TAL MILL RATE
<br />11.224
<br />......
<br />9.932
<br />.....
<br />(1.392)
<br />.......
<br />(12.4)1
<br />.......
<br />-14-
<br />
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