HomeMy WebLinkAboutResolution - 2007-140 - Adopt the 2008 Budget and Certify 2008 Tax Levy - 12/18/2007 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2007-140
A RESOLUTION CERTIFYING THE 2008 TAX LEVY
AND ADOPTING THE 2008 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 2008 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 for the following purposes:
Taxes to be levied against tax capacity
General Fund $27,539,720
Equipment Revolving Fund 688,242
Capital Improvements 450,000
Bonds and Interest
2000A Public Facility Bonds 345,000
2004A Building Refunding Bond 200,000
2004B Equipment Certificates 260,000
2005A Special Assessment Bond 109,000
2006B Building Bond 375,000
2006C Equipment Certificates 255,000
Net tax capacity levy for certification $30,221,962
Less Fiscal Disparities distribution 1,477,804
Net tax collectible $28,744,158
Taxes to be levied against market value
2003A Refunding Park Bonds $ 435,000
2003C Refunding Open Space Bonds 210,000
2005C Park Bonds 249,975
2006A Park Bonds 826,749
Market value tax levy
for certification $ 1,721,724
Total net tax collectible $30,465,882
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).
BE IT FURTHER RESOLVED that,with the conclusion of the Proposed Property Tax and Budget
Hearing process, the.City Council approves the 2008 Budget totaling$40,651,327.
BE IT FURTHER RESOLVED that the council consents and approves the 2008 HRA tax levy of
$200,000.
ADOPTED by the Eden Prairie City Council this 18th day of December, 2007.
&� 0, —
Phil Young, May
ATTEST:
K hleen Porta, City Clerk
CITY OF EDEN PRAIRIE
NOTICE OF ADJUSTMENT TO REQUIRED DEBT
LEVIES
LEVIED YEAR 2007,COLLECTED YEAR 2008
EXHIBIT 1
Debt levy amounts previously certified may be adjusted to the amounts shown below due to the availability of
other repayment sources.
Date of Amount of Required Levy Actual Levy
OUTSTANDING DEBT WITH REQUIRED LEVY Issue Issue 2007/2008 2007/2008
G.O.Public Facility Revenue Bonds 2000A 12/01/00 $3,390,000 $342,825 $345,000
G.O.Refunding Open Space Bonds 2003C 02/19/03 $1,145,000 $178,988 $210,000
G.O.Refunding Park Bonds 2003A 02/19/03 $3,185,000 $447,024 $435,000
G.O.Public Facility Building Refunding Bonds 2004A 01/15/04 $745,000 $211,659 $200,000
G.O.Equipment Certificates 2004B 12/29/04 $1,137,000 $258,774 $260,000
G.O. Special Assessment Bonds 2005A 07/01/05 $2,390,000 $111,405 $109,000
G.O.Park Bonds 2005C 12/02/05 $4,920,000 $249,975 $249,975
G.O.Park Bonds 2006A 01/01/06 $8,425,000 $831,403 $826,749
G.O.Building Bonds 2006B 07/01/06 $4,290,000 $374,763 $375,000
G.O. Equipment Bonds 2006C 09/01/06 $1,080,000 $262,526 $255,000
GRAND TOTAL $ 3,269,342 $3,265,724