Finance - Budgets - Property Tax Revenue FY08/09 - 09/01/2008PROPERTY TAX REVENUE FY 08/09 9/1/08
ADOPTED BY CITY COUNCIL ON 8/26/08
Preliminary Budget Figures from the County OPTION #1
Computation of 3% budget increase:
Highest of the last 3 years approved non-exempt budget (1)$2,053,423
Multiply line 1 by 3%(2)$0
New Construction & Annexation budget increases:
2007 value of new construction tax roll:(3)(3)$140,774,657
2007 value of annexation that occurred in 2005(4)(4)$16,167,848
Total 2006 approved non-exempt levy rate(5)(5).000712468
New Construction Roll budget increase (multiply line 3 by line 5)(6)$100,297
Annexation budget increase (multiply line 4 by line 5)(7)$11,519
Foregone Amount (8)$261
Maximum Allowable Non-exempt Property Tax Budget:
Add lines 1+2+6+7+8 (9)$2,165,501
Property Tax Replacement
Enter the yearly amount of the agricultural replacement money here(10)$19
Enter recovered Homeowner's Exemption property tax here(11)$575
Enter recaptured property tax execption inlieu of Investment Tax Credit here(12)$0
Enter the total of lines 10, 11, and 12: (Must match col. 5 of L-2)(13)$594
Maximum Allowable Non-exempt Property Tax to be Levied:
Subtract line 13 from line 9 (14)$2,164,907
FY 07/08 TOTAL TAX REVENUE $2,053,396.00
FY 07/08 TOTAL TAX REVENUE PAID TO LIBRARY $893,261.00
FY 07/08 TOTAL TAX REVENUE PAID TO CITY $1,160,135.00
New Construction Tax Roll $140,774,657 a decrease of 41.55% over FY 07/08 $240,843,220
Annexation Value $16,167,848-- Annexation Value FY07/08 $43,950,275.00
Total Property Tax Revenue FY 07/08 - $2,053,396.00
Total Property Tax Revenue FY 08/09 - $2,164,907.00 - 5.5% Increase
Distribution of Property Tax Revenue:
Library:
Property Tax Revenue FY 07/08 $893,261
13% Increase in property tax to Fund FY08/09 Budget $116,640
Total Property Tax Revenue FY 08/09 $1,009,901
City:
Property Tax Revenue FY 07/08 $1,160,135
Reduce FY 07/08 Property Tax Revenue -$5,129
0 Increase in property tax for FY 08/09 $0
Total Property Tax Revenue FY 08/09 $1,155,006
Total Property Tax Revenue FY07/08 $2,164,907
Library - this option fully funds the Library budget.
City - this option the City would receive no increase in property taxes and would actually decrease the
amount of property taxes the City received in FY 07/08 by $5,129.00.