2.1.
CC Work Session
- Meeting Date:
- 08/30/2011
- By:
- Diana Lund, Finance
Title:
2012 General Fund Budget
Background:
Continued discussion of the 2012 General Fund budget.
Discussion will include the legislative change in the market value homestead credit. Prior to payable 2012, the market value homestead credit was subtracted from the gross property tax bill and the homeowner paid the net tax. For 2012, the monetary reduction is gone and a reduction in the taxable value of the home will take its place. The net result is an overall reduction of the city's total taxable tax capacity.
Other items that need to be addressed are the net effects on later years for using one-time money in 2012 for reducing debt and street maintenance costs, as well as the effect of having TIF 1 come back online for 2012.
Discussion will include the legislative change in the market value homestead credit. Prior to payable 2012, the market value homestead credit was subtracted from the gross property tax bill and the homeowner paid the net tax. For 2012, the monetary reduction is gone and a reduction in the taxable value of the home will take its place. The net result is an overall reduction of the city's total taxable tax capacity.
Other items that need to be addressed are the net effects on later years for using one-time money in 2012 for reducing debt and street maintenance costs, as well as the effect of having TIF 1 come back online for 2012.
Funding Source:
None Required.
Council Action:
Discussion only. Preliminary budget will need to be adopted by September 13, 2011.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich | Jo Thieling | 08/25/2011 09:48 AM |
| Diana Lund (Originator) | Diana Lund | 08/25/2011 11:29 AM |
- Form Started By:
- Diana Lund
- Started On:
- 08/24/2011 11:17 AM
- Final Approval Date:
- 08/25/2011