City Council Agenda Packet 11-17-1997 SpecialAGENDA
SPECIAL MEE'T'ING • MONTICELLO CITY COUNCIL
Monday, November 17, 1987 - 8 p.m.
Mayor: Bill Fair
Council Members: Clint Herbst, Brian Stumpf, Roger Carlson, Bruce Thielen
1. Call to order.
2. Workshop for 1998 Budget.
3. Adjournment.
WWrICELL0
MEMO
TO: Mayor & City Council Members
FROM: Rick Wolfsteller, City Administrator
DATE: November 10, 1997
RE: Proposed 1998 Budget Revisions
Based on direction received from the first budget workshop session, I have attempted to
present a revised budget for council review that could accomplish a goal of reducing the non -
debt portion of the tax levy increase from the preliminary dollar amount of $329,348 down
to $99,549. Percentage wise, this would reduce the non -debt levy increase originally
proposed at around I I% down to 3-1/4;6.
As you will recall from the first workshop session, some suggestions were made in cutting
specific capital outlay expenditures such as reducing funds for the tree planting program
and additional items were requested by the Housing &. Redevelopment Authority for a
marketing program and land acquisition in the redevelopment area along the river. Since
our first workshop, I've also tried to incorporate $40,000 for the storm water management
study proposal along with phase I architectural fees for the National Guard/Community
Center totaling $164,799. The result of these changes where that although some park
projects were delayed or cut for next year and reserve funds were proposed for expenditures
in the tree reforestation program along with using water fund access reserves for a possible
storage building purchase, the requests by the HRA for additional funds along with the
need for budgeting money for the architectural design fees for the Community Center used
up all of the cost savings I came up. In order to actually be able to reduce the tax levy, we
need to find more items or projects to cut or simply use additional reserve funds that are
available. At this point, the budget proposal is to reduce the tax levy by $229,000 by using
Liquor Store Reserves.
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Proposed 1998 Budget Revisions
Page 2
The following is a brief summary of the proposed changes in the budget that were outlined
above:
* Parks - Capital Outlay $70,000
-Delay three additional balllields at
NSP park until 1999 and partially
fund only in 1998.
* Delete Cardinal Hills Tot Lot $20,000
* Shade Tree - Capital Outlay $45,000
-Reduce boulevard tree planting
program from 1,800 to 900 trees.
* General Reforestation - C.O. $25,000
-Matching Grant Assistance
* City Hall, Capital Outlay $44,799
* Water Department, Cap. Outlay $65,000
-Equipment Storage Building
Reserve
* $40,000 Capital Outlay
*$0.00
* $22,500 Tree Fund Reserves
* $25,000 Tree Fund Reserves
* $0.00
* $65,000 Water Fund Access Reserves
* HRA, General Fund $5,000 * $35,000 General Fund
-Develop marketing
program/industry
* Funding Assistance $0.00 * $35,000 Capital Outlay Fund
-Land Acquisition in redevelopment
area along river.
* Community Center $0.00 * $164,799 Capital Outlay Fund
-Phase I Architectural Design Fees
As I previously noted, the above modifications would not by themselves, result in a tax levy
reduction unless we use additional reserve funds to reduce the levy. To reduce the levy, it is
proposed that Liquor Store Reserves in the amount of $229,799 be used. Rather than
simply indicating that some of the expenditures listed above be paid by Liquor Store Funds,
1 am recommending that we transfer the liquor funds to various debt service funds and
reduce the debt levy by an equal amount rather than reducing the non -debt levies. The
result is actually the same in that we can lower our tax levy by this $229,000 but by leaving
our General Fund and Capital Outlay Levy higher, we can protect our future levy limit
1:.\I IYFII:h:\RII:K\IIUIN IFT.MM
Proposed 1998 Budget Revisions
v Page 3
authorizations. If we reduce our levy in the General Fund or Capital Outlay Fund this year,
we could be penalized next year as future levy limits are based off of what you levy the
previous year. Since debt levies are always allowed as additional levies above any
maximum established by the Department of Revenue we're better off indicating that our
debt levy is reduced this year and keeping our other levies higher. The Council should
remember that we are simply using $229,000 from our liquor reserves to pay for such items
as architectural design fees, marketing program funding, and riverfront land acquisition
costs.
I recently obtained information from the County Auditors Office concerning the proposed
tax levies and tax rates that apply to the school, county, hospital district along with the city.
I've included a breakdown of each jurisdictions proposed levy and tax capacity rate and as
you can see, the overall preliminary tax capacity rate, while increasing, is certainly not as
high as first expected. The proposed tax capacity rate for city tax payers based on each
jurisdictions maximum proposed tax levy would be 119.036 compared to 112.618 in 1997.
Overall, this is only a 5.7% increase. Fortunately for us, the school district is proposing a
decrease in their tax capacity rate, likely due to additional state funding. This helps offset
our larger increase because of the WWTP bond issue.
Another interesting note is that most commercial and industrial properties will likely see a
reduction in their taxes because of the tax rate changes made by the state. Most commercial
and industrial properties will receive a 13% reduction in their tax capacity values and even
though the tax rates could go up 5% or more, they will still receive a reduction in their
taxes. The same is true for many residential home owners who have homes valued above
$90,000. It is likely their property taxes, even with the maximums proposed by each
jurisdiction, will be the same or less than 1997. On the other hand, lowered valued
residential property owners will have increases to their taxes based on the percentage
increase shown on the preliminary estimates of about 5%+. I've enclosed an example of
various valued commercial and residential properties to give you an idea of what the taxes
could he next year vs. this year. These estimates are based on the maximum levies proposed
by each jurisdiction and could actually be lower if the school, county or city lowers its levy
as we are now discussing.
While the Capital Outlay Fund and the Liquor Fund have sufficient reserves to cover the
items suggested in the 1998 budget, the balances remaining in both funds would just be
enough to cover the proposed city hall portion of the new community center project.
$400,000 would be available in the Capital Outlay Fund and about $410,000 in the Liquor
Fund for use as funding for the City Hall portion of the now community building. This
would mean that we would not have any additional reserves left in the Capital Outlay Fund
for future projects without levying additional funds in future years nor in the Liquor Fund
until we start to add back some earnings from the liquor store. 1 mentioned this only to let
you know that although we do have good reserves in the General Fund and still have
reserves available from the tree fund of approximately $100,000 the Capital Outlay Fund
C \0FY11:R\H1VK\RUIM1KT.MM
Proposed 1998 Budget Revisions
Page 4
and the Liquor Fund could be reduced substantially under the 1998 budget proposal and
the upcoming community center project. While the general fund has projected reserves of
over two million dollars at the end of the year, most of these funds are needed to be used as
operating funds during any particular year to cover the first half of each year's expenditures
until taxes are paid. As an additional note, our sewer and water access funds are starting to
create larger fund balances, but again these funds should be earmarked for some type of
sewer or water equipment maintenance or improvement project and should not be
necessarily considered as available for general type expenditures.
Now that better information is available on what the overall tax rates might be in 1998, you
may be more comfortable with lowering the tax levy by an amount less than the $229,000 I
proposed. With the Liquor Funds being used for part of budget, our maximum tax rate for
the city would be 26.275, down from the maximum originally proposed at 27.874. If, for
example, you only reduced the tax levy by $129,000 and kept $100,000 in for starting to
replenish the Capital Outlay Fund reserves, it would increase the city's tax rate by 0.63 to
26.905. Overall, commercial and industrial properties will likely see a decrease in their
property tax bills and even with the maximum levies proposed by each jurisdiction, some
residential property owners will also see a decrease in their bills.
Our Public Hearing on adopting a tax levy and budget for 1998 is scheduled for 5 p.m.
Wednesday, December 3, 1997. Our Public Hearing Notice needs to be published by
Thanksgiving and should have the proposed annual budget and tax levy included in the
notice. The Council also would have opportunity to amend the budget at the final public
hearing if desired.
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Euud
TAS LEVY SUMMARY
1998 BUDGET
ALL FUNDS
Net Payable Net Payable
1997 Adjusted Levy Before 1998 Adjusted
Levy After HACA Adj. Levy After
npductingHACA pa-vahle 1998 HAA Dedra tinwHACA
General
$1,967,526
$2,486,950
$259,157
$2,227,793
Library
31,095
31,095
0
31,095
Transportation
14,604
16,612
0
16,612
Shade Tree
0
0
0
0
OAA
977
2,175
0
2,175
HRA
12,966
14,795
0
14,795
Debt Service
557,575
1,232,807
0
1,003,008
Capital Imp. Revolving
475137
521.7.1
26.275
491.736
TOTAL
$3,059,880
$4,276,170
$259,157
$3,787,214
Net Levy Increase to Cover Debt - $627,785
Net Levy Increase for Non -debt Portion of Budget - 99-54
Net Certified Levy Increase - $727,334
Payable 1989
Tax Capacity Rate.. . . .
14.283
Payable 1990
Tax Capacity Rate .....
16.187
Payable 1991
Tax Capacity Rate .....
15.511
Payable 1992
Tax Capacity Rate .....
16.492
Payable 1993
Tax Capacity Rate .....
16.313
Payable 1994
Tax Capacity Rate .....
17.527
Payable 1995
Tax Capacity Rate.. .
18.228
Payable 1996
Tax Capacity Rate.. .
18.509
Payable 1997
Tax Capacity Rats .....
19.136
Est. Payable 1998 Tax Capacity Rate.
26.275
Tax Tax
'88/Payable 1989
$ 15,405.139
14.283
$2,198,008
'89/Payable 1990
15,873,242
16.187
2,568,106
'90/Paynble 1991
16,161,043
15.511
2,506,132
'91/Payable 1992
15,513,574
16.492
2,558,554
'92/Payable 1993
15,490,500
16.308
2,526,216
'93/Payable 1994
15,154,786
17.527
2,652,527
'94/Payable 1995
15,586.930
18.228
2,841,185
'95/Payable 1996
15,792,922
18.509
2,922,800
'96/Payable 1997
15.993,989
19.136
3,059,880
'97/Paynble 1998 (est.)
14,413,597
26.275
3,787,214
FLTN
General
Library
Transportation
Shade Tree
UDAG
OAA
HRA
EDA
SCERG
CMIF
Debt Service
Liquor
Water
Sewer
Cemetery
Capital Imp.
Water Access
Storm Sewer Access
Sewer Access
TOTAL
REVENUE AND EXPENDITURE SUMMARY
1988 BUDGET
1991
REVENUE EXPRNDi_ MES
$2,876,200
$2,876,200
32,295
32,295
69,635
69,635
6,900
20,725
12,840
59,000
1,600
1,600
515,960
596,000
215,740
2,120
5,555
124,000
120
0
1,499,090
1,688,973
1,828,650
1,643,350
218,305
418,740••
563,800
969,435-
0
0
579,948
579,950
74,900
10,000
25,000
0
$8,728,958 $9,092,023
• includes $619,450 Depreciation --contributed assets sewer
•' includes $201,100 Depreciation --contributed assets water
1999
REVENUE F:XPENDM TRES
$3,278,995
$ 3,278,995
32,295
32,295
72,030
72,030
8,550
71,430
4,690
0
2,900
2,900
438,800
402,555
35,880
2,120
5,740
0
120
0
2,000,685
1,816,042
2,017,450
1,987,974
246,900
425,325
622,020
1,203,355
24,200
31,550
672,000
673,799
80,720
65,000
80,560
40,000
324.440
0
$9,849,651
$10,005,370
SUMMARY OF PROJECTED REVENUES, EXPENDITURES
AND FUND BALANCES (CASH 6 INVESTMENTS)
PROJREV: 11/10/97
PROJECTED
1998
1998
PROJECTED
FUND
BALANCE
12/31/97
PROJECTED
REVENUE
PROJECTED
EXPENDRLRES
BALANCE
12131/98
General
$2,558,725
$3,278.995
$3,278,995
$2,558,725
Library
$7,975
$32.295
$32,295
$7,975
Tree
$127,845
$8,550
$71,430
$64,965
OAA
$10,530
$2.900
$2.900
$10,530
Water
$148.320
$246,900
$224,225
$170,995
Water Access
$341,515
$80,720
$65,000
$357235
Sewer
$124,875
$622.020
$583,905
$162,990
Sewer Access
$544,875
$324,440
$0
$869,315
Transportation
$1,100
$72.030
$72,030
$1,100
Liquor
5396.200
$2,017,450
$1.987,974
$425.676
Capital Outlay Revolving
$403.368
$572,000
$573,799
$401.569
HRA
$42,635
$438.800
$402,555
$78,880
UDAG
$112,460
$4,690
$0
$117,150
EDA
$150,820
$35,880
$2.120
$184,580
SCERG
$3,095
$5,740
$0
$8.835
CMIF
$420
$120
50
$540
Storm Sewer Access
$25,000
$80,560
$40,000
$65.560
Cemetery
329.Ann
S24 2Q➢
531.550
522-450
SUBTOTALS
$5.029,558
$7,848.290
$7,368,778
$5,509,070
Debt Service
General Obligation Bonds
$721205
$828.904
$230.700
$1,319,409
Special Assessment Bonds
$2,188,309
$669.646
$1,268,380
$1,789.575
Tax Increment Bonds
511.716
5284.395
5299 212
(53.1111
SUBTOTALS
$2,921,230
$1,982,935
$1,798,292
$3,105,873
TOTALS
$7,950,788
$9,831,225
$9,167.070
$8,614.943
PROJREV: 11/10/97
I
GENERAL FUND SUMMARY
1998 BUDGET
Taxes
1838
139.2
Current Ad Valorem
$2,386,950
$2,137,625
Penalty/Interest
1,000
100
Tax Increments --Kmart
84.300
86.050
Lic naps and Pprmi B nein as
$2,572,250
$2,223,775
s -
Liquor
24,900
24,900
Beer
1,025
1,030
Set Ups
300
325
l.i a a nnd Pprmi a Non
$ 26,225
$ 26,255
- -S minpas
Building Permits
152,000
150,000
Variances/Conditional Uses
2,000
2,500
Dog Licenses
125
125
Others
5.100
5.050
Inter,GovPrnmPnW
$ 159,225
$ 157,675
Fire Department Aid
45,000
34,900
Police Department Aid
22,000
25,000
State Highway Aid
41.000
41.000
Charges forSServic
$ 108,000
$ 100,900
a
General Government
1,000
1,000
Public Safety (Township Contract)
65,360
60,970
Streets - C.S.A.H. Mtne.
7,700
6,600
Deputy Registrar
110,000
105,000
Other
675
650
Subdivision Fees
7,500
5,000
Special Processing Fee (Garbage)
15,000
16,000
Recycling Incentive
12,000
12,000
Inspection Fees
25,000
5,000
Garbage Cart Rental
R_000
8.000
E 252,235
E 217,220
Eines
Animal Impoundment
15.000
18.000
Miacpllnneo Revon +p
$ 15,000
$ 18,000
,A
Interest on Investments
121,435
103,525
Sale of Property
325
350
Other & Rental of Property
9.300
13.500
Re0lnda R imh ,rs
8 131,060
$ 117,375
and manta
Other Reimbursements
15-00
_ 15_000
$ 16,000
$ 15,000
TOTAL GENERAL FUND REVENUE
$3,278,995
82,876,200
GEMNDR.RUM: I VIO97
GENERAL. FUND SUMMARY
1998 BUDGET
EXPENDITURES
LQ$g
1891
Mayor and Council
$ 32,450
$ 30,425
Administration
306,575
236,000
Finance
102,080
100,990
Insurance
63,915
63,470
Audit
13,500
13,500
Legal
47,500
28,000
Planning & Zoning
166,085
109,885
Inspections --Bldg. Official
153,415
163,905
Assessing
16,550
15,900
Deputy Registrar
108,820
98,665
City Hall
44,185
34,980
Computer
75,575
35,260
Elections
5.600
0
TOTAL GENERAL GOVERNMENT
$1,136250
$ 930,980
Lew Enforcement
8 333,325
$ 323,475
Fi-e
172,210
140,565
Civil Defense
9,345
8,710
Animal Control
39 050
34-100
TOTAL PUBLIC SAFETY
$ 552,930
$ 506,850
Inspection
$ 90,775
$ 43,540
Admin. & Engineering
133,140
126,090
Streets & Alleys
325,550
308,325
Snow & Ice
60,720
97,710
Street Lighting & Parking Lots
67,700
62,760
Shop & Garage
37,860
37,050
Refuse Collection
263.100
321-555
TOTAL PUBLIC WORKS
$ 978,836
$ 997,020
Senior Citizens Center
$ 37,000
$ 37,000
YMCA/Community Ed.
25,000
25,000
Information Centor/Museum
1.695
1090
TOTAL HEALTH & WELFARE
$ 63,695
$ 63,690
Parks & RecJCemetery
It 377-24
6 242410
TOTAL PARKS & RECREATION
8 377.240
$ 242,410
Community Development
! 129 046
S 1249,50
TOTAL COMMUNITY DEVELOPMENT
$ 159,045
$ 124250
Misc.--Severance Beneflte
f 11.000
is 11.000
TOTAL MISCELLANEOUS
$ 11,000
$ 11,000
TOTAL GENERAL FUND EXPENDITURES
$3,278,995
$2,876200
GENFUrmESUM; 1v10197
SUMMARY
DEBT SERVICE FUNDS
1998 BUDGET FORECAST
REVENUE
1322
1889
Current ad valorem:
605,022
1,003,008
Interest:
91,780
95,255
Special asmt—county:
506,788
389,638
Transfer in—tax increment:
295,500
282,985
Transfer in—Liquor fund:
TOTAL REVENUE
♦♦ttttlttttiit•tttiititli•t••tttt/tti•illi/tti/♦//••tiiiiitttit/•/ti•/tiitltittiittt/♦
EXPENDITURES
Principal: 1,180,000 1,375,000
Interest: 486,291 415,966
Paying agent fees: 8,182 7,326
Interest exp.: 14.500 17.750
TOTAL EXPENDITURES
CAPITAL OUTLAY ITEMS
1998 BUDGET
FUND/
FUNDING
nn .PANT
ITEM
AMOUNT
SOURCE
Administration:
File cabinets:
(2) basement
(1) administration
(1) utility billing
(1) assessing
S 9,000
General Fund
Microfilm reader/printer
14,000
General Fund
Plan holder
3-200
General Fund
$ 26,200
Deputy
Registrar:
Typewriter table
S 150
General Fund
Parks:
Klein Farms Park improvements
$ 40,000
Capital Outlay
Pathway - Ellison Park to Miss. Dr.
15,000
Capital Outlay
Prairie Creek Park improvements
3,500
General Fund
Add9 ballfields (3) - NSP Park (1st hall)
40,000
Capital Outlay
Freeway Park - parking lot (2nd half)
13,000
General Fund
River/Bridge Park enhancements -
MCP initiatives
60,000
Capital Outlay
Hillside Cemetery wrought iron
fence ($38,500 less '94 budgeted
amount of $9,500)
29,000
General Fund
Picnic tables
4,000
General Fund
Mowers (2) - (1) replacement
(1) new
2b,790
General Fund
Pickup, 2 -wheel drive
16,000
General Fund
Dump truck with plow, 1 ton, 4x4
38,000
General Fund
Hard surface 4th St_ ice rink
(skate boarders) & play structure
improvements
40,000
Capital Outlay
Adopt -n -park seed $ for volunteers
_5-00
Capital Outlay
$334,290
Liquor:
Carpet replacement
S 7,000
Liquor Fund
Intercom headphones
300
Liquor Fund
Enlarge refuse/cardbonrd storage
(outside)
1.000
Liquor Fund
5 8,300
Library:
Unallocated
$ 1,000
Library Fund
E
CAPITAL OUTLAY ITEMS
1998 BUDGET
FiJND/
DEPARTMENT
ITEM
AMOUN
FUNDING
;SCE
HRA:
Downtown Revitalization Study
(final payment)
$ 30,000
HRA Fund
Future industrial park land
acquisition - Reserve (2nd yr)
(contingent upon City matching funds)
75,000
HRA Fund
Funding partial land acquisition
along river
35.000
Capital Outlay
$140,000
Fire Dept.:
Unallocated - unspecified
$ 10,000
General Fund
Shade Tree:
Boulevard tree planting program
($900 ® $25 each)
$ 22,500
Tree Fund
Reserves
General reforestation - matching
grant assistance
25.000
Tree Fund Res.
$ 47,500
Data Processing:
Main frame computer - updating
AS/400 lease (annual)
$ 28,000
General Fund
PC - motor vehicle
2,500
General Fund
�-
PC's (4) - city hall
10,000
General Fund
PC - public works
2,500
General Fund
PC - microfilm
3,500
General Fund
Cash register - motor vehicle
1,000
General Fund
Printers (2) - city hall
2,600
General Fund
Network - city hall
3.000
General Fund
$ 53,100
City Hall:
New city hall
$810,000
Capital Outlay &
Liquor Fund
Reserves
Community Center:
Phase I - architectural design fees
164.799
Capital Outlay
$974,799
Economic
Development:
MCP contribution
$ 35,000
Capital Outlay
Future industrial park land
acquisition - 2nd yr - reserve
(matching contrib. of HRA)
75,000
Capital Outlay
Develop marketing program for
business/industry
35"000
General Fund
$145,000
CAPITAL OUTLAY ITEMS
1998 BUDGET
FUND/
FUNDING
DEPARTMENT
ITEM
AMOI NT
SOURCE
Public Works
Administration:
File cabinets (2)
$ 800
General Fund
Postage machine rental and
electronic scale
600
General Fund
$ 1,400
Public Works
Inspections:
Desk and filing cabinet
$ 1,500
General Fund
Street Dept.:
4" Trash pump
$ 3,200
General Fund
Radios ® $550 ea (4)
2,200
General Fund
Tamper
1,000
General Fund
Jackhammer
1,000
General Fund
5000 watt generators (2) (signal lights)
8,000
General Fund
Sealcoating program
27,500
General Fund
Bobcat
27,000
General Fund
1/3 of cold planer
6.000
General Fund
S 75,900
Snow/ice:
Snowplows (2)
$ 10,000
General Fund
- Refuse:
Rental garbage carts (250)
$ 15,000
General Fund
WWTP:
Radio
$ 550
Sewer Fund
Administration big. furniture
and fixtures
_7.504
WWTP Const.
$ 8,050
Fund
Sewer Dept.:
U3 of new jet rodder/vac - reserve
(1/6 budgeted in 1997)
$ 50,000
Capital Outlay
Jetting nozzle
2,200
Sewer Fund
Rebuild jet redder
2,500
Sewer Fund
Sewer line TV camera
10.000
Sewer Fund
$ 64,700
Cemetery:
Cemotery management software
$ 600
Cemetery Fund
Water Dept.:
Equipment storage building -
Purchase or building reserve
$ 65,000
Water Access
Fund Reserves
Planning:
Water Resource Management Plan
S 40,000
Storm Sower
Access Fund
LEVY LEWr COMPARISONS
1897 vs. 1898
1922 1998 TnerFsse"
Non -debt Related Levy $2,454,858 $2,554,407 $99,549
• This amounts to a 3.25% increase in dollars to be collected to fund normal
increases and for additional programs or services proposed.
LEN'UMT.00M. 1111097
1982
182fl
General Levy (Limit)
$2,769,607
$3,100,714
Add: Debt Levy
+ 605,022
+1,232,807
Subtract: State Aids (HACA)
- 314.749
- 316.5n8
PROPOSED LEVY
$3,059,880
$3,787,214
1922 1998 TnerFsse"
Non -debt Related Levy $2,454,858 $2,554,407 $99,549
• This amounts to a 3.25% increase in dollars to be collected to fund normal
increases and for additional programs or services proposed.
LEN'UMT.00M. 1111097
General Obligation Bonds
Special Assessment Bonds
General Obligation Tax
Increment Note
General Obligallon Tax
Inurement Bonds
General Obligation Note-
WWTP
INnf_nT: 10/09r117
CITY OF MONTICI' LLL
COMBINED STA'1'I.MEN'I' OR INDE11'ITI)NISS
(PROMICTI l)) 12-31.98
Principal
Interest
Principal
Interest
Auth. and
Outstanding
Paid In
Paid in
Due In
Due in
Outstanding
Issued
flatbed
12A1 Z
199Z
199Z
1999
1898
]2!3]!98
$4,490,000
$3,330,000
$1,160,000
$260,000
$77,272
$165,000
$64,655
$995,000
$20,368,000
$13,998,000
$8,370,000
$690,000
$326,473
$980,000
$284,163
$5,390,000
$32,000
$32,000
$0
$0
$0
$0
$0
$0
$2.795,000
$1,740,000
$1,055,000
$230,000
$82,546
$230,000
$67,148
$825,000
!<t4.700 Mn
114.7.00,000
$1d700.000
$42,385,000
$19,100,000
$23,285,000
$1,100,000
$406,201
$1,375,000
$415,088
$21.910.000
CITY 01 _JNTICELLO
TAX LEVIES TO RETIRE BONDED INDEBTEDNESS
December 31, 1997
BONDDEBT.WK4
00.
Gallwal
Gwlual
Genoral
Genwal
Gw al
General
GaMal
General
Sewer
Ob11pa5on
OUotk rl
GO.
Odlobw
Odlpaoal
OtAgation
OWiga9on
OtAVbon
Oulgaoan
KWrceptw Waley System
Watw System
"momara
Impovomem
kWmwrorn
Rehmdulg
uwmunerrd
WWTP
Ver of
"Worowe
RokwK"
BOW Solas
Band Series
6 RahwaN
Gone Sunes
U1 W Sunus
Gale ;onus
Da W Suites
6rs1a Senn
GRAND
Levy Co6rK$on
Bowlof 1077
Bond 1996C
196!8
IMS
Bolls IOWA
19900
1992A
1994A
1995A
1997
TOTALS
1996
1097
$a,560
6117,/00
6126,713
622,100
615,600
$23,160
$11615
$131,153
$116,239
s0
9605022
1997
1996
$8055
41111A
61261717
$26,111
$75,0(00
$22,101
$12111
$136,511
$183,636
$51t,147
$1,232801
1996
1999
w
$116,000
$126,255
$21,813
$73,500
$26,125
$7,576
$131,792
$159,172
$1082293
$1,753126
1989
200D
w
6116,6100
$190,097
w
671,000
$25,051
$a,110
6130,916
6159,689
51082,293
$1,732189
2000
2901
w
$123,aw
$126,661
w
6560
623.6116
$6,593
$132,036
$161,952
$1,082,293
$1661,706
2001
2002
w
w
$126,712
w
$6700
w
68,902
$127490
6161,2oa
$1,082.293
$1,516,905
2602
2003
to
w
6129,761
w
$12,700
w
so
6127.908
$168,355
61.082,293
61,516,730
2003_
2601
w
w
w
s0
113,600
w
s0
w
$160,593
$1.062,293
11,255.686
2001_
2005
w
w
w
s0
110606
w
w
so
$165.106
$1082,293
$1,268099
2005_
2906
w
t0,
w
w
$23.701)
to
s6
w
w
_ $1,082293
$1,105.993
2008
2007
w
w
w
w
w
w
6o
$0
w
11,062293
*1 L062 293
2007
2wa
w
w
w
w
w
w
so
w
w
111.052.293
$1062,293
2008
2009
w
So,
w
s0
60
w
6o
w
w
$1,082293
61,002,293
2000
2010
w
w
w
to
to
w
so
s0
_ to
61.082,293
61,082,'19'1
2010
2011
to
w
w
w
to
to
w
to
w
$1.082.293
$1,062,293
2011_
2012
w
w'
w
w
w
w
w
w
to
$1,062,293
$1,082.293
2012
2017
w
w
w ww
w
to
to
w
w
$1082293
$1052.293
2017
2011
w
w
wl
so
w
w
60
w
w
$1,062293
$1,062,293
9011
tom
w
w
w
w
w
w
so
w
w
11,082,1$3
$1,062,203
9015_
2016
w
w
w
w
w
w
w
6o
w
11,061,1$3
►1.062 297
2016
2017
w
to
Sol
w
w
to
so
w
to
$1.082293
$1.002,293
_j017 _jOte
w
w,
Sol
00 w
w
-10w
w
�Jbrf,�1.1
/�11,., 1.1
TOTAL
11),275
1596,100
$691,2721
677,621
6316,600
1120,166
$57,170
1922,031
$1,157,092
$11,615851
126,087,633
BONDDEBT.WK4
PRELIMINARY
ESTIMATES OF VALUES FOR TAXES
PAYABLE 1998
City: Market value
-5.0%
$495,397,800
Tax Capacity value
-10.0%
$14,413.597
Proposed tax levy
.31.0%
$4,017,013
Tax capacity rate
.45.6%
27.674
School: Market value (W.C. only)
+6.6%
$739,857,500
Tax capacity value
-7.6%
$17,666,138
Proposed levy
-12.0%
$11,176,934
Tax capacity rate
-9.5%
57.99
Market value rate
0.05869
Wright County: Market value
+9.0%
$3,537,922,100
Tax capacity value
-1.4%
$57,403,648
Proposed levy
-5.5%
$17,663,676
Tax caoacity rate
+7.0%
30.771
Hospital Dls": Market value (W.C. only)
+6.7%
$926,727,500
Tax capacity value
-5.6%
$20.044,519
Proposed levy
-1.7%
$481,269
Tax caoacitv rate
+5.0%
2.401
TOTAL 1998 PRELIMINARY TAX CAPACITY RATE
119.W8
1997 TAX CAPACITY RATE
112818
OVERALL % INCREASE IN TAX CAPACITY RATE
5.7%
valuetax.wkC 11/10/97
Tax Comparison by
Property Class & Value
1997 vs. 1998
IM
im
(With Max.
(With $289,000
n m rci I/Ind us rial-
Ta: Levy)
Levy Cut)
EMV
$750,000
EA1V
$750,000
Assessed Value
32,900
AN.
28,050
Taxes
37,051
Taxes
33,390
$32,941
EMV
$150,000
EMV
$150,000
Assessed Value
5,300
A.V.
4,050
Taxes
5,969
Taxes
4,821
$4,756
Residential Hnmestend.
EMV
$65,000
EMV
$ 65,000
Assessed Value
650
A.V.
650
Taxes
732
Taxes
774
$763
EMV
$75,000
EMV
$ 75,000
Assessed Value
780
A.V.
750
Taxes
878
Taxes
893
$881
EMV
$85,000
EMV
$ 85,000
Assessed Value
980
A.V.
935
Taxes
1,104
Taxes
1,113
$1,098
EMV
$130,000
EMV
$130,000
Assessed Value
1,880
A.V.
1,767
Taxes
2,117
Taxes
2,104
$2,076
EMV
$200,000
EMV
$200,000
Assessed Value
3,280
A.V.
3,062
Taxes
3,694
Taxes
3,645
$3,596
CAOPPICE\RICK\TAx.COM P.PM