HomeMy WebLinkAboutResolution - 97-224 - Certifying 1998 Tax Levy & Adopting 1998 Budget - 12/16/1997 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 97-224
A RESOLUTION CERTIFYING THE 1997 TAX LEVY, COLLECTIBLE IN 19989
AND ADOPTING THE 1998 GENERAL FUND BUDGET
WHEREAS, the City Council has reviewed the budget recommended by the City Manager,
listened to public comment, and discussed the proposals and tax levy for the 1998 General Fund
Budget,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL of the City of Eden
Prairie, County of Hennepin, Minnesota, that the following sums of money be levied upon the
taxable property in said City the following purposes:
Taxes'to be levied against tax capacity
General Fund $16,274,034
Equipment Revolving Fund 549,400
Bonds and Interest
1995 Building Refunding Bonds 245,500
Equipment Certificates 489,000
1995 Improvement Refunding Bonds 500,000
1997A Improvement Refunding Bond 623,750
$18,681,684
Less HACA 646,200
Net tax capacity levy
for certification $18,035,484
Less Fiscal Disparities distribution 764,992
Net tax collectible in 1998 $17,270,492
Taxes to be levied against market value
1992 & 1993 Park Bonds $ 442,000
1994 Open Space Bonds 166,000
Market value tax levy
for certification 608 000
Total net tax collectible in 1998 $179878,492
Funds have been provided for principal and interest payments on all bond issues except as shown
above, and no other levies are required (as shown in Exhibit 1).
Resolution Certifying 1997 Tax Levy, Collectible in 1998, and Adopting the 1998 General
Fund Budget
BE IT FURTHER RESOLVED that the City Council declare its compliance with the "Truth-in-
Taxation" requirements, having published a notice of Proposed Property Tax and Budget Hearing
in the Eden Prairie News on December 4, 1997 and conducting the hearing on December 10,
1997.
BE IT YET FURTHER RESOLVED that, with the conclusion of the Proposed Property Tax and
Budget Hearing process, the City Council approves the 1998 Budget for the General Fund and
Debt Service Obligations totaling $25,353,990.
Adopted by the City Council December 16, 1997.
, M
All"
7
Attest:
J D. rare, City Clerk
CITY OF EDEN PRAIRIE
NOTICE OF ADJUSTMENT TO REQUIRED DEBT LEVIES
LEVIED YEAR 1997,COLLECTED YEAR 1998
Debt levy amounts previously certified may be adjusted to the amounts shown below due to the availability of
other repayment sources.
Date of Amount Required Levy Actual Levy*
OUTSTANDING DEBT WITH REQUIRED LEVY Issue of Issue 1997/1998 1997/1998
G.O.Equipment Certificates 1994B 08/01/94 $1,200,000 339,950 $339,000
G.O.Equipment Certificates 1998(Not yet issued) $150,000 $150,000 $150,000
G.O.Park Bonds 1992A 07/01/92 $1,100,000 $98,108 $105,000
G.O.Park Bonds 1993A 05/01/93 $3,400,000 $333,255 $337,000
G.O.Open Space Bonds 1994A 08/01/94 $1,950,000 $154,458 $166,000
G.O.Building Refunding Bonds 1995 06/01/95 $1,680,000 $194,449 $245,500
G.O.Water and Sewer 1977 09/20/77 $1,400,000 $115,775 $0
G.O.Water&Sewer Refunding Bonds 1978 03/01/78 $6,150,000 $806,188 $0
G.O.Improvement Bonds 1991B 09/01/91 $6,050,000 $645,738 $0
G.O.Improvement Refunding Bonds 1991D 10/01/91 $7,235,000 $757,910 $0
G.O.Improvement Refunding Bonds 1997A 06/01/97 $3,100,000 $623,750
G.O.Improvement Refunding Bonds 1997B 06/01/97 $2,845,000 $167,385 $0
G.O.Improvement Refunding Bonds 1995 06/01/95 $3,255,000 $500,000
OUTSTANDING DEBT WITH NO REQUIRED LEVY
H.R.A.Lease Revenue Bonds 1992A 08/01/92 $2,640,000
H.R.A.Lease Revenue Bonds 1993B 12/01/92 $9,760,000
H.R.A.Taxable Lease Revenue Bonds 1993C 12/01/92 $2,355,000
H.R.A.Lease Revenue Bonds 1993A 05/01/93 $1,415,000
G.O.Water Revenue Bonds 1986 12/01/86 $1,700,000
G.O.Water.and Sewer Refunding 1991C 09/01/91 $9,500,000
G.O.Water and Sewer Revenue Refunding 1991F 10/01/91 $3,125,000
G.O.Water and Sewer Refunding Bonds 1993C 05/01/93 $6,735,000
G.O.Improvement Refunding Bonds 1978 03/01/78 $5,090,000
G.O.Improvement Bonds 1978 1210in8 $500,000
G.O.Improvement Bonds 1988A 12/01/88 $9,800,000
G.O.State Aid Road Refunding Bonds 1991E 10/01/91 $420,000
G.O.State Aid Road Bonds 1992B 07/01/92 $1,940,000
G.O.Improvement Bonds 1993B 05/01/93 $2,695,000
GRAND TOTAL $3,763,216 $2,466,250
* subject to reduction by HACA and Fiscal Disparities,except 1992, 1993& 1994 Park Bonds