3a Set 2005 Tax Levy
CITY OF
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The City of Chanhassen · A.
,)¿;C
MEMORANDUM
TO:
Mayor
City Council Members
Bruce M. Dejong, Finance Director (f!j)
September 10, 2004 C~·
,\, ,
FROM:
DATE:
SUBJECT:
Approval of Preliminary Tax Levy
In response to the discussion and City Council direction at the special meeting on
September 9(\ staff has prepared an amended preliminary tax levy. The levy
proposed for taxes payable in 2005 will show a total of$9,462,666. The levy
exceeds that of2004 by $823,499, but staff believes that most properties will see a
decrease of between 3% and 4% due to significant added value from new
construction and the de-certification of the Downtown TIF District and the Eden
Trace TIF District.
Recommendation
Staff recommends that the City Council adopt the preliminary tax levy as
presented. This action requires a simple majority vote of those present.
Enclosures: Tax Levy Estimate
communl!y WI!h cleali lakes. qua:I!Y
CITY OF CHANHASSEN
TAX LEVY
2005 Budget
2004 2005 Percent
TAX CAPACITY BASED TAX LEVY Levy Levy Increase
General Fund $6,657,060 $ 6,259,575 -5.97%
Capital Replacement Fund (for equipment) $ 800,000
MSA Fund (for street & trail pavement maint.) 0 162,000
Special Assessment Debt 218,485 96,940 -55.63%
General Obligation Debt 284,532 658,604 131.47%
Debt of Other Agencies (EDA) 153,693 121,213
TOTAL TAX CAPACITY BASED TAX LEVIES $7,313,770 8,098,332 10.73%
MARKET V ALU E TAX LEVY
Park Referendum
Library Referendum
TOTAL MARKET VALUE TAX LEVY
841,397
484,000
$1,325,397
881,234
483,100
$1,364,334
4.73%
-0.19%
2.94%
TOTAL TAX LEVY
$8,639,167
9.53%
$9,462,666
Dollar Increase
$823,499