Transcript City of Shorewood

City of Shorewood
2013 Budget
Truth-in-Taxation Hearing
December 3, 2012
Truth-in-taxation requirements
• Present the 2013 City budget
• Discuss the budget and levy changes
• Invite public comment
• Adopt a balanced budget
City Services in General Fund
•
•
•
•
•
Police & Fire Protection
Street & Park Maintenance
Recreation Programs
Building Inspections
Transfers to Southshore
Center & Capital Funds
• Administration, Finance, Planning & Zoning,
Elections, and other services
Budget Assumptions




•
•

No tax levy increase since 2009
No change in existing staffing or service levels from 2012
2% salary increase budgeted
$25 monthly increase for health insurance
Street & Equipment transfers rise 3%
$103,248 of reserves used to balance the budget
Shorewood homes decreased 4.4% on average for
taxable valuation
General Fund Balance Policy
General Fund Balance –
established at 55-60% of operating budget
64.7% Reserve
3,460,021
60% Reserve
(3,209,426)
4.7% above adopted policy level
250,595
3% max annual use of reserves
Use of reserves assumed in budget
Additional available reserves
159,954
(103,248)
56,706
Available reserves may be used for one-time projects,
acquisitions, or transfer to any City capital fund.
Expenditures & Transfers
2007-2013
$6,000,000
$5,000,000
$4,000,000
$3,000,000
Expenditures
$2,000,000
$1,000,000
2013
2012
2011
2010
2009
2008
2007
$0
2013 Revenues
Fines &
Forfeits
1%
Intergovernmental
1%
Charges for Transfers & Use of
Misc
Service
Reserves
4%
1%
2%
Licenses/
Permits
2%
Taxes
89%
Total Revenues of $5,367,218
2013 Expenditures
Capital
Transfers
17%
General
Govt
23%
Park & Rec
4%
Public
Works
18%
Public
Safety
38%
Total Expenditures of $5,367,218
Tax Levy 2007-2013
$5,000,000
$4,000,000
$3,000,000
Expenditures
$2,000,000
$1,000,000
2013
2012
2011
2010
2009
2008
2007
$0
0% Increase since 2009
Tax Assessment & Levy Timeline
Oct ,2010Sept, 2011lesJan 2,2012
Property
Sales
Market
Value
Apr-Jun, 2012l Sept, 2012
Board of
Review
Prelim Cert
to Henn Co
Nov, 2012
TNT
Notice
2013s
Taxes
Levied
Property taxes are set based on sales that occurred over a year ago.
Current values may be different than taxable values.
2013 Property Tax Distribution
City
22.2%
Other
7.4%
Hennepin
County
35.7%
Based on Minnetonka School District
School
District
34.7%
Impact of City Portion
of 2013 Taxes
2012 Value 2013 Value 2012 Tax
2013 Tax
$ Change
$250,000
$239,000
$705
$705
$0
$375,000
$358,500
$1114
$1,116
$2
$500,000
$478,000
$1,499
$1,509
$10
$750,000
$717,000
$2,436
$2,435
-$1
$1,000,000
$956,000
$3,373
$3,378
$5
Properties in the city experienced an average
decline in value of 4.4%. If your property changed
by a different percentage, then you will experience
different results from those shown above.
Total Tax $ Change - 2013
Tax Change
Decrease
$0-300
$301-600
$601-900
$901+
# of Parcels
924
984
251
28
25
% of Parcels
38.4%
44.6%
11.3%
3.0%
2.7%
Taxpayer input is invited
at this time.