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A-3. 2015 Budget Expectations and Efficiencies9 A--3 CITY OF city that new construction growth for 2014 is 1.76 %. This new construction value Phone: 952.227.1400 MEMORANDUM CHA NSFN $180,000 increase in new tax growth available for 2015. The total market value Planning & TO: Mayor and City Council 7700 Market Boulevard Residential values increased by 10.86% in 2014 for taxes payable in 2015. PO Box 147 FROM: Greg Sticha, Finance Director 6- -3 Chanhassen, MN 55317 It is extremely important to note that an increase in total market value does not DATE: June 23, 2014 Administration the previous year. In the simplest terms, the tax rate is a product of the total Phone: 952.227.1100 SUBJ: Preliminary 2015 Budget Discussion Fax: 952.227.1110 Building Inspections BACKGROUND Phone: 952.227.1180 It is the time of year again when we begin preliminary discussion of the 2015 Fax: 952.227.1190 budget. At this work session, the council will receive information on some of the Fax: 952.227.1110 factors influencing the 2015 budget. Staff would like council feedback on any Engineering items of concern and direction for department heads as they prepare their budgets. Phone: 952.227.1100 It should be noted that staff will review operational efficiencies and effectiveness Fax: 952.227.1170 and identify key drivers affecting cost and service performance levels with the Finance goal of achieving the right balance for each department. Phone: 952.227.1140 Fax: 952.227.1110 Attached is a calendar for the remainder of the year reflecting meeting dates and significant deadlines for completion of the 2015 budget. If any of the dates Park Recreation appear to conflict with other known city deadlines or budget requirements, please 1120 Phone: : 952.22 let me know as soon as possible. Fax: 952.227.11110 Recreation Center Market Value & New Construction Value: Carver County has informed the 2310 Coulter Boulevard city that new construction growth for 2014 is 1.76 %. This new construction value Phone: 952.227.1400 has a direct impact on the budgeting process and will result in an approximate Fax: 952.227.1404 $180,000 increase in new tax growth available for 2015. The total market value Planning & for the city increased 9.57% for 2014, which is used for 2015 property taxes. Natural Resources Residential values increased by 10.86% in 2014 for taxes payable in 2015. Phone: 952.227.1130 Fax: 952.227.1110 It is extremely important to note that an increase in total market value does not mean property taxes will decrease, assuming no change in the amount levied from Public Works the previous year. In the simplest terms, the tax rate is a product of the total 7901 Park Place taxable market value and the total tax levy dollars requested. Phone: 952.227.1300 Fax: 952.227.1310 Police Contract: We are estimating an inflationary increase in the police Senior Center contract could be around $45,000- $50,000 for 2015. Phone: 952.227.1125 Fax: 952.227.1110 Healthcare: Based on experience we are anticipating the increase for healthcare costs to the General Fund could be around $55,000. We will have a better handle Web site on this number in early October. www.ci.chanhassen.mn.us Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow Preliminary 2015 Budget Discussion June 23, 2014 Page 2 of 2 RECOMMENDATION Staff requests feedback from the city council regarding the level of the initial tax levy and how many alternative budget scenarios the city council would like presented. Staff would also like feedback on the budget calendar. This feedback will give clear direction to department directors as they prepare their 2015 budget requests. ATTACHMENTS 1. 2015 Budget Calendar 2. 2014 Assessment Worksheet Summary from Carver County 3. Revolving Assessment Construction Fund 4. Bond Tax Levies Worksheet F: \GregS\Budget\2015 Budget \6 -23 prelim bud discussion.doex Date Task Forum June 23, 2014 Discuss 2015 Budget expectations with City Council & Work Session review budget efficiency ideas /suggestions July 1, 2014 Distribute 2014 General Ledger Detail, 2015 Operating Budget Preparation Worksheets, 2015 -2019 CIP worksheets July 8, 2014 2015 Payroll and Revenue Projections Distributed July 18, 2014 Completed Operating Budget Forms Returned to Finance July 28, 2014 Review 2nd quarter revenue activity to date Work Session August 1, 2014 Powerpoint for detailed budget discussion distributed August 11, 2014 Preliminary Budget and Levy Discussion Work Session August 13, 2014 Department heads return their departments powerpoint information August 25, 2014 Work Session dedicated to detailed department review of Work Session Budgets (powerpoint presentation, cancel regular session) September 8, 2014 Final review of preliminary 2015 Budget before Work Session Preliminary budget set at City Council Meeting September 8, 2014 Approval/Certification of Maximum Proposed City Council Meeting Preliminary Levy to Carver County Auditor September 8, 2014 All 2015 -2019 CIP Requests Returned to Finance October 13, 2014 Review 3`d quarter revenue activity, 2015 -2019 CIP, and Work Session rate study with Ehlers and Associates. November 10, 2014 Rate Study, Budget or CIP discussion Work Session November 24, 2014 Rate Study, Budget or CIP discussion if needed Work Session December 1, 2014 Truth in Taxation Hearing City Council Meeting December 8, 2014 Adopt Final Levy & 2015 Budget and 2015 -2019 CIP City Council Meeting City of Chanhassen 2014 Assessment Summary Chanhassen Value Distribution 2014 ❑ Anartment ❑ Other ■ Residential ■ Commercial /In dustrial o Apartment I ❑ Other ❑ Residential 87% Residential CommerciaWnduatri Apartment Other Total 2014 EMV $3,198,693,300 $405,842,400 $47,012,700 $48,848,700 $3,700,397,100 2013 EMV $2,827,675,700 $402,534,800 $46,191,800 $41,344,100 $3,317,746,400 Total Value Change $371,017,600 $3,307,600 $820,900 $7,504,600 $382,650,700 New Construction $64,039,700 $815,200 $333,400 $0 $65,188,300 Market Change $306,977,900 $2,492,400 $487,500 $7,504,600 $317,462,400 % New Construction 2.00% 0.20% 0.71% 0.00% 1.76% % Market Change 10.86% 0.62% 1.06% T 18.15% 9.57% 2014 Total % Increase 13.12% 0.82% 1.78% 18.15% 11.539/. 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