2017 Tax Levy Payable & General Fund Budget

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Presentation transcript:

2017 Tax Levy Payable & General Fund Budget

Proposed 2017 Tax Levy Increase of $63,349 from 2016 tax levy. (+5.7%) All non-enterprise fund debt service is covered. Tax rate would reduce for third straight year (-1.433%). Local Government Aid set to increase by $718. Levy funds to make up 57.3% of General Fund Revenue.

Carver County 2017 Proposed Tax Rate Comparison Based on 5.7% Levy increase, Cologne’s 2017 tax rate would be 69.529%.

How Tax Rate Affects Taxes Paid City tax amount payable is calculated by taking the taxable value times the class rate (.01), multiplied by the tax rate (70.962% in 2016.) $109,000*.01=$1,090 $1,090*70.962%=$773.49

Tax Rate cont.

Tax Rates 2013-2017

2017 General Fund Notable Expenditures: Replacement of 1997 pickup truck Continuation of milling/overlay of roads and sealing trails Increase in Fire Department Relief Association pension to $1,500 per year of service

Budget vs. Expenditure & Levy

Revenue/Expenditure 2017

2017 General Fund Notable Revenue Sources Expect 15 new home builds. LGA $201,171, increase of $718. Small Cities Assistance Fund dollars not in the revenue budget ($23,955 in 2015)

Questions or Comments?