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ITEM 1 Property Tax levy calculationsCity of Otsego Property Tax Levy Calculations Payable 2017 r Revised: September 6, 2016 I-i;-'1U Levy Description 2015 2016 2017 Change Change 2017 Change Change Comment General Revenues 3,319,000 3,529,352 3,771,800 242,448 6.87% 3,771,800 242,448 6.87% Located on Page #2 of General Fund Binder Tax Abatements 23,000 88,814 81,385 (7,429) 8.36% 81,385 (7,429) -8.36% Consensus Amount - Reviewed May 9th Debt Service Series 2010D & Series 2011A 200,000 225,000 225,000 - 225,000 - Consensus Amount - Reviewed May 9th Series2010B 410,000 415,000 430,000 15,000 430,000 15,000 Consensus Amount - Reviewed May 9th Sub -total 610,000 640,000 655,000 15,000 2.34% 655,000 15,000 2.34% Capital Reserves Pavement Management 320,000 339,200 356,160 16,960 356,160 16,960 Scenario #3 (LGA+ Debt +Annual s%) Trails Management 25,000 25,250 26,000 750 26,000 750 Capital Equipment 160,000 168,000 235,200 67,200 235,20D 67,200 Scenario #3 (2017 Adjustment + Annual 3%) Parks Equipment 53,000 54,590 55,000 410 55,000 410 Fire Department 145,000 150,000 150,000 - 150,000 - Storm Water 2S,000 25,000 25,000 25,000 - Unallocated - - - - 294,495 294,495 Counci's Discretion to Allocate or Eliminate Sub -total 728,000 662,040 847,360 85,320 11.20%1 1,141,855 379,815 49.84% Grand Total 4,680,000 5,020,206 5,355,545 335,339 6 68%� 5,650,040 629,834 12.55% Tax Capacity Growth(%) Tax Rate 11,358,615 13,238,424 14,899,313 14,899,313 16.55% 12.55% 12,55% 41.202 37.921 35.945 37.921 Taxing 2016 2017 2017 Authority Tax Rate Tax Rate Change Tax Rate Change :!ty of Otsego 37.921 35.945 -5.21% 37.921 0.00% Vright County #DIV/01 #DIV/0! chool District #DIV/0! #DIV/01 Description 2016 2017 Change 2017 Change Median Residential Sale Price 298,210 313,120 5.00% 313,120 5.00% ess: MV Exclusion (10,401) (9,059) (9,059) -axable Market Value 287,809 304,061 5.65% 304,061 5.65% -ax Capacity 2,878 3,041 3,041 2016 2017 2017 Taxing Estimated Estimated Estimated Authority Tax Tax Change Tax Change City of Otsego 1,091 1,093 0.14% 1,153 5.65% Wright County - - #DIV/0! - #DIV/0! School District - #DIV/0! - #DIV/0! Total 1,091 1,093 0.14% 1,153 5.65% Annual Increase 2 62 Estimate from County (9-1-16) In theory, if there are no changes to a properties respective market value, this would be the change in that properties City tax amount. According to Edina Realty, the Median Sale Price for a residential home in Otsego currently is $313,120. Obtained on August 22, 2016. U:\Budget\2017\Property Taxes\Tax Levy Calculations 9-12-2016 a City of Otsego General Fund Budget - 2017 Requested Budget Revenue & Expenditure Summary Description Revenues Taxes Cable Franchise Fees Licenses & Permits Intergovernmental Charges for Services Special Assessments Fines & Forfeitures Investment Interest Miscellaneous Interfund Transfers Subtotal Expenditures General Government Public Safety Public Works Culture & Recreation Economic Development Interfund Transfers Subtotal Net Change in Fund Balance Original Revised Requested Requested Actual Actual Year -to -Date Budget Budget Budget Revision 2014 2015 2016 2016 2017 2017 Amounts Comments $ 3,321,316 $ 3,315,453 $ 1,900,936 $ 3,544,352 $ 3,763,588 120,964 128,722 98,514 107,000 132,000 --" 1,238,823 1,179,136 1,246,398 641,565 792,650 337,778 195,363 64,731 343,590 185,905 192,168 174,659 351,126 57,000 105,550 7,136 3,540 1,426 - - 4,000 11,998 7,084 6,000 36,017 14,410 340,342 50,000 33,000 29,854 39,251 26,022 - - 425,868 122,276 - 136,755 155,042 5,713,925 5,184,907 4,036,580 4,880,262 5,173,735 3,769,064 $ 5,476 Adjusted tax levy to create a break-even budget 132,000 - 788,900 (3,750) Permit surcharge for assessor reduced from $50 to $25 56,800 (129,105) Will code revenues directly into Pavement Management fund 105,550 6,000 33,000 155,042 5,046,356 (127,379) 1,105,873 1,150,132 863,065 1,255,768 1,339,049 1,334,449 (4,600) See expenditure function summary for comments 1,496,111 1,666,511 1,314,356 1,757,000 1,862,634 1,875,239 12,604 See expenditure function summary for comments 1,014,934 1,034,525 692,457 1,098,952 1,143,828 1,142,628 (1,200) see expenditure function summary for comments 434,268 477,444 357,946 535,652 589,181 584,181 (5,000) See expenditure function summary for comments 93,179 96,211 61,779 105,300 109,860 109,860 86,411 1,289,914 460,212 127,590 129,105 - (129,105) See expenditure function summary for comments 4,230,777 5,714,737 3,749,815 4,880,262 5,173,657 5,046,356 (127,301) $ 1,483,148 $ (529,930) $ 286,765 $ - $ 78 $ (0) $ (78) 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 3,291,805 - 2,000,000 1,000,000 2014 2015 2016 2017 2017 Actual Actual Budget Budget Budget Requested Requested Original Revised Revenues Expenditures Fund Balance BITUMINOUS PAVEMENT MAINTENANCE PLAN OF Otkao MINNESOTA 2017 through 2027 Street Maintenance Summary YEAR SEAL COAT FOG SEAL TRAFFIC CONTROL** OVERHEAD 10% - (ENG, LEGAL, ADMIN) CRACK FILL STRIPING 50% PER year PREVENTATIVE MAINTENANCE (PATCHING) TOTAL 2017 $154,508 $92,019.36 $147,231 $39,376 $75,000 $34,386 $60,000 $602,621 2018 $419,970 $61,668.81 $98,670 $68,031 $76,500 $36,106 $63,000 $813,946 2019 $201,317 $33,391.15 $53,426 $28,813 $78,030 $37,911 $66,150 $499,039 2020 $295,791 $39,469.21 $63,151 $39,841 $79,591 $39,807 $69,458 $6275106 2021 $525,608 $70,484.07 $112,775 $70,887 $81,182 $41,797 $72,930 $975,663 2022 $144,928 $42,421.03 $67,874 $25,522 $82,806 $43,887 $76,577 $484,014 2023 $174,228 $32,546.12 $52,074 $25,885 $84,462 $46,081 $80,406 $495,682 2024 $75,121 $10,288.57 $16,462 $10,187 $86,151 $48,385 $84,426 $331,021 2025 $179,173 $68,213.05 $109,141 $35,653 $87,874 $50,804 $88,647 $619,506 2026 $234,093 $36,438.67 $58,302 $32,883 $89,632 $53,345 $93,080 $597,773 2027 $289,282 $39,424.60 $63,079 $39,179 $91,425 $56,012 $97,734 $676,135 11 year expense $6,722,407 5% per year is added for inflation for all prices except using 2% for Crack Filling ** 160% add this percentage of Fog Seal cost for traffic control. Based on the average Traffic Control bid prices in 2015 and 2016 S:\MunicipaNA0TSEG0\387 (Road Maintenance)\ROADWAY MGMT PLAM2017\10 yr Plan(CF 2yrs) (2017-2027).xls City of Otsego, Minnesota Capital Improvement Plan 2017 thru 2021 PROJECTS BY FUNDING SOURCE Source Project# Priority 2017 2018 2019 2020 2021 Total Unfunded 1 Election Voting Tabulators ADMIN-18-01 n/a 40,200 40,200 Phone System Replacement IT-2017-01 n/a 25,000 25,000 Business Services Installation IT-2017-02 n/a 6,406 6,406 AudioNisual Systems - Prairie Center IT-2017-03 n/a 20,000 20,000 Audio/Visual Systems - City Hall IT-2018-01 n/a 10,000 10,000 Server System IT-2020-04 n/a 50,000 50,000 Unfunded Total 51,406 50,200 50,000 151,606 GRAND TOTAL 51,406 50,200 50,000 151,606 Monday, September 12, 2016