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7B - 5 Year Projection
City of Otsego Property Tax Levy Calculations Future Tax Levies M Revised: June 5, 2017 Levy Description 2016 2017 General Revenues 3,529,352 3,766,000 Tax Abatements 88,814 81,385 Debt Service Series 2010D & Series 2011A 225,000 225,000 Series 2010B 415,000 430,000 Kadler Street Project - - NEW - Fire Station NEW - PW Expansion NEW - City Hall NEW - Police Station Preliminary 2018 2019 2020 Projections 2021 2022 2023 Comments 3,878,980 4,034,139 4,276,188 4,447,235 4,625,124 4,902,632 Alternating Increases - 2 Years at 4%, 1 at 6% 65,546 65,437 63,292 29,926 - - Current Abatements Only 215,000 205,000 195,000 195,000 400,000 400,000 Debt Expires = 2028 440,000 450,000 460,000 460,000 - - Debt Expires = 2021 53,710 17,004 15,912 14,652 13,224 11,586 Debt Expires = 2033 - - 455,831 455,831 455,831 455,831 Debt Expires = 2034 ($5M Issue - 15 Years) 272,661 280,841 - - - - Potential item when looking out this far. 58,000 59,000 60,000 61,000 Fire Department 150,000 Potential item when looking out this far. 160,000 170,000 - - - - Potential item when looking out this far. Sub -total 640,000 655,000 708,710 672,004 1,126,743 1,125,483 869,055 867,417 Capital Reserves Pavement Management 339,200 475,960 600,000 700,000 800,000 900,000 1,000,000 1,000,000 Trails Management 25,250 26,000 30,000 31,000 32,000 33,000 34,000 35,000 Capital Equipment 168,000 235,200 242,256 249,524 257,009 264,720 272,661 280,841 Parks Equipment 54,590 55,000 56,000 57,000 58,000 59,000 60,000 61,000 Fire Department 150,000 150,000 160,000 170,000 - - - - Storm Water 25,000 25,000 26,000 27,000 28,000 29,000 30,000 31,000 Capital Improvements - 160,200 - - - - - - Sub -total 762,040 1,127,360 1,114,256 1,234,524 1,175,009 1,285,720 1,396,661 1,407,841 Grand Total 5,020,206 5,629,745 5,767,492 6,006,104 6,641,232 6,888,364 6,890,841 7,177,890 Tax Capacity 13,238,424 14,873,116 16,186,269 16,833,720 17,507,069 18,207,352 18,935,646 19,693,071 Growth (%) 12.35% 8.83% 4.00% 4.00% 4.00% 4.00% 4.00% Tax Rate 37.921 37.852 35.632 35.679 37.935 37.833 36.391 36.449 Increase/(Decrease)to Maintain Tax Rate 359,305 377,491 (2,293) 16,133 289,836 290,014 Increase $100k Annuallly to Ultimate $1M Increase $1,000 Annually Increase Levy 3% Annually Increase $1,000 Annually Increase $10,000 Annually Until Debt Issued Increase $1,000 Annually U:\Budget\2018\Property Taxes\Tax Levy Calculations FUTURE LEVIES