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City of Shorewood 2013 Budget Truth-in-Taxation Hearing

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

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City of Shorewood 2013 Budget Truth-in-Taxation Hearing

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  1. City of Shorewood2013 Budget Truth-in-Taxation Hearing December 3, 2012

  2. Truth-in-taxation requirements • Present the 2013 City budget • Discuss the budget and levy changes • Invite public comment • Adopt a balanced budget

  3. 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

  4. 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

  5. General Fund Balance Policy General Fund Balance – established at 55-60% of operating budget Available reserves may be used for one-time projects, acquisitions, or transfer to any City capital fund.

  6. Expenditures & Transfers 2007-2013

  7. 2013 Revenues Total Revenues of $5,367,218

  8. 2013 Expenditures Total Expenditures of $5,367,218

  9. Tax Levy 2007-2013 0% Increase since 2009

  10. Tax Assessment & Levy Timeline Oct ,2010- Sept, 2011les Jan 2,2012 Apr-Jun, 2012l Sept, 2012 Nov, 2012 2013s Property Sales Market Value Board of Review Prelim Cert to Henn Co TNT Notice Taxes Levied Property taxes are set based on sales that occurred over a year ago. Current values may be different than taxable values.

  11. 2013 Property Tax Distribution Based on Minnetonka School District

  12. Impact of City Portion of 2013 Taxes 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.

  13. Total Tax $ Change - 2013

  14. Taxpayer input is invited at this time.

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