8.1. SR 09-21-2015 E04y1� ,.,�� Request for Action
River
To Item Number
Mayor and City Council 8.1
Agenda Section Meeting Date Prepared by
General Business September 21, 2015 Tim Simon, Finance Director
Item Description Reviewed by
Set Budget Meeting Date and Adopt 2016 Tax Levy Cal Portner, City Administrator
Reviewed by
Action Requested
1. Set,by motion, the budget meeting at which public comment will be taken for December 7, 2015, at
6:30 p.m.
2. Approve,by motion, a resolution authorizing the proposed 2016 property tax levy for collection.
Background/Discussion
The Council must approve the maximum tax levy for certification to the County Auditor by September
30, 2015. Over the past several months, the Council has reviewed each department/division goals for
2016 and the corresponding line item budgets. Based on Council direction, the attached levy resolution
calls for a levy of$10,305,783 or a 2.88 percent change over last year.
Based on preliminary 2015 tax values for taxes payable 2016 received from Sherburne County, our net tax
capacity (NTC) will increase 4.17%. If the NTC remains at 4.17%increase, our city tax rate would
decrease from 47.19 to 46.61 percent.
Over the next several months we will review updated numbers and adjustments to finalize the budget for
adoption on December 7, 2015.
The County Board of Commissioners has set December 1, 2015 at 6:00 p.m. as the county budget and
levy date.
Financial Impact
City of Elk River property tax levy for collection in 2016.
Attachments
■ Resolution setting City of Elk River property tax levy for collection in 2016
■ Preliminary 2015 Tax Values (for Proposed 2016 Tax Notices)
■ 2016 tax rate estimate calculation
POWERED 6T
Template Updoted 4/14 INAWRE1
City of
Ell 1Ek Resolution I5 -
RiVe r
A Resolution of the City of Elk River Authorizing the Proposed Property
Tax Levy for Collection in 2016
WHEREAS, the Elk River City Council has reviewed the City's anticipated
expenditures for all funds in 2016; and,
WHEREAS, the Elk River City Council has considered projected revenues for
all funds in 2016; and,
WHEREAS, revenues from sources other than property taxes are not sufficient
to meet anticipated expenditures of all funds; and,
WHEREAS, debt levies have been adjusted or cancelled based on revenue
collections and projections.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk
River that the following amounts are the maximum to be levied as
property taxes payable in 2016:
Lev
General Fund $ 9,730,900
Library 59,400
Quiet Zone repayment -
City Special Assessments 4,221
2010A G.O. Capital Improvement Plan Bonds 366,405
Economic Development Tax Abatement 144,857
TOTAL $ 10,305,783
Passed and adopted by the City Council of the City of Elk River this 21st
day of September, 2015.
John J. Dietz, Mayor
ATTEST:
Tina Allard, City Clerk
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August 29, 2015
To: City Administrators, Clerks and Finance Officers
And School District Administrators and Finance Officers
From: Diane Arnold
Re: Preliminary 2015 Tax Values (for Proposed 2016 Tax Notices)
Following is the early Pay 2016 Net Tax Capacity and Market Value information for your
City, Township or School District. Countywide, there is a 4.47% increase in Net Tax
Capacity and a 5.62% increase in total county Taxable Market Value. Please remember
that these values may drop slightly by next spring when final values are certified, due to
abatements, property tax forfeitures, late homesteads and clerical corrections.
Township/City/School District Elk River City
2015 Net Tax Capacity Values 2016 Preliminary NTC Values
RE & PP 21,426,935 22,313,958
Less 10% 200 KV 0 0
Less Captured TIF (198,997) (201,466)
Tax Rate NTC 21,227,938 22,112,492
Taxable Market Value 1,754,483,500 1,850,862,700
MV Referendum 1,845,616,050 1,935,728,875