Public Hearing - Alison Bong, Deputy Finance Director
Title
Title
2022 Truth In Taxation Public Hearing
end
Executive Summary
The City will conduct its annual Truth in Taxation (TNT) public hearing to discuss the proposed 2023 tax levy and General Fund budget. A staff report and presentation will precede public input and comment.
Background
The City Council has held several discussions regarding the 2023 General Fund Budget and Levy, most recently at Council Retreat on October 8, 2022. The following summarizes discussions to date and the proposed tax levies and General Fund Budget that will be the subject of the public hearing.
2022 Tax Levy
At the Council Meeting September 19, 2022, Council approved a Preliminary Tax Levy for the Fiscal Year of 2023 in the amount of $38,839,900. Council has recommended the levy to been reduced by $726,900 to $38,112,000. The allocation changes are reflected in the table below:
|
|
Preliminary Levy |
Truth in Taxation |
|
General Fund |
32,238,900 |
31,712,000 |
|
Debt Service |
4,800,000 |
4,800,000 |
|
Pavement Management |
100,000 |
100,000 |
|
Parks & Trails |
500,000 |
500,000 |
|
EDA |
1,200,000 |
1,000,000 |
|
Total Levy |
$38,838,900 |
$38,112,000 |
The revised levy of $38,112,000 represents a 7.1% increase over the 2022 adopted levy of $35,600,000.
2023 General Fund Budget
The Preliminary General Fund Budget was adopted at $41,360,110 at the September 19 meeting. The General Fund Budget presented at the time of this hearing is $41,583,610. In response to resident requests for increased levels of services related to maintenance of parks and medians Council increased funding allocation to medians in the General Fund Budget and parks in the General Levy.
The final proposed budget $41,583,610 represents an 8.5% increase over the adopted 2022 budget of $38,315,785. There is a $183,790 safe margin of revenues over expenditures.
Strategic Plan Relationship
Pursuant to the city’s adopted strategic initiatives of Financial Sustainability, Effective Communication, Growth Management, and Organizational Health, the Truth in Taxation presentation is designed to provide clear and accessible information related to the city’s fiscal planning and taxation information for Blaine residents, business owners, and all interested parties.
Board/Commission Review
N/A
Financial Impact
The proposed levies and budget, if adopted as presented, would reduce the 2023 tax rate to 32.369% from the 2022 tax rate of 35.875% and maintain service levels consistent with the Council’s direction.
Public Outreach/Input
Notice of this hearing was published on the Blaine City website, the Star Tribune, and in the Blaine-Spring Lake Park-Columbia Heights-Fridley Life.
Staff Recommendation
Conduct the public hearing for the 2023 Tax Levies and General Fund Budget to be adopted on December 19, 2022.
Attachment List
2023 Truth in Taxation presentation