2.1.
CC Work Session
- Meeting Date:
- 04/10/2012
- By:
- Diana Lund, Finance
Information
Title:
Continued Discussion of 2013 Budget
Background:
At the March 20 work session, the Council consensus was to explore a proposal offered by Council member Elvig in regard to the 2013 budget. The proposal was that the total levy would not exceed $7,150,000. As part of the proposal, the Road Reconstruction initiative funding would derive from the implementation of a franchise fee in a monthly amount of $7 which would generate approximately $1.5M annually.
Staff has prepared the net effect on the city's tax rate based on the proposal and the overall net effect to the cash flow for 2013. The net effect on the city's tax rate would be an estimated 38.70% and would create a positive cash flow of $144,998 calculated as follows:
2012 Adopted Levy: $8,413,798
Total 2013 Budget Reductions from cash flows (1,408,796)
Net $7,005,002
Council member Elvig's Proposal -Net Levy $7,150,000
Net Additional Funds $ 144,998
Staff has prepared the net effect on the city's tax rate based on the proposal and the overall net effect to the cash flow for 2013. The net effect on the city's tax rate would be an estimated 38.70% and would create a positive cash flow of $144,998 calculated as follows:
2012 Adopted Levy: $8,413,798
Total 2013 Budget Reductions from cash flows (1,408,796)
Net $7,005,002
Council member Elvig's Proposal -Net Levy $7,150,000
Net Additional Funds $ 144,998
Notification:
The cash flow analysis presented at the March 20 work session is attached as well as the tax capacity implications for years 2013-2016 with a comparison of local Anoka County cities tax rates for 2012.
Lastly, a summary of possible franchise fee that would be generated based on a monthly fee of $7.00 is attached.
Funding Source:
N/A
Council Action:
Continued discussion of 2013 budget with proposed levy, tax rates and possible franchise fee for road reconstruction.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich | Kurt Ulrich | 04/05/2012 02:24 PM |
- Form Started By:
- Diana Lund
- Started On:
- 04/05/2012 09:07 AM
- Final Approval Date:
- 04/05/2012