09-12 Resolution No. 11401 RESOLUTION NO, 11401
RESOLUTION ADOPTING A PROPOSED BUDGET AND TAX LEVY
FOR THE YEAR 2018
WHEREAS, the Minnesota Truth in Taxation law provides for a proposed tax levy
to be certified to the County Auditor by September 29, 2017 and then recertified before
December 29, 2017.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Richfield, Minnesota as follows:
1. The budget for the City of Richfield for the year 2018 is hereby approved and
adopted with appropriations for each of the departments to be as follows:
General Fund
Legislative/Executive $ 902,290
Administrative Services 1,466,170
Public Safety 9,067,810
Fire Services 4,274,500
Community Development 1,426,480
Public Works 4,074,100
Recreation Services 1,943,660
Transfers Out 195,000
TOTAL GENERAL FUND $23,350,010
2. The estimated gross revenue of the City of Richfield from all sources,
including general ad valorem tax levies as hereinafter set forth for the year
2018 which are more fully detailed in the City Manager's official copy of the
2018 budget, are hereby found and determined to be as follows:
TOTAL GENERAL FUND $23,350,010
3. There is hereby levied upon all taxable property in the City of Richfield a
direct ad valorem tax in the year 2017, payable in 2018 for the following
purposes and in the following amounts:
PURPOSE AMOUNT
General Fund $16,333,7782
Equipment 785,000
Debt Service 2,910,328
Cedar Point Tax Abatement 370,722
1 Provision has been made in the General Fund for the payment of the City's
contributory share to Public Employees' Retirement Association.
2 General Fund Levy includes all fiscal disparities distribution amounts.
4. The debt service tax levy as established in the bond documents for the G.O.
Street Reconstruction Bonds, Series 2012A, will be reduced from $140,081 to
$127,701 due to the use surplus bond proceeds from the issue.
5. The debt service tax levy as established in the bond documents for the G.O.
Street Reconstruction Bonds, Series 2015A will be reduced from $629,534 to
$280,501 due to the utilization of gas and electric franchise fees.
6. The budget for the Housing and Redevelopment Authority of Richfield for the
year 2018 is hereby ratified and approved. There is hereby levied upon all
taxable property in the City of Richfield a direct ad valorem tax in the year
2017, payable in 2018 for the following purposes:
PURPOSE AMOUNT
Housing and Redevelopment Authority $571,905
7. The budget for the Economic Development Authority of Richfield for the year
2018 is hereby ratified and approved. There is hereby levied upon all taxable
property in the City of Richfield a direct ad valorem tax in the year 2017,
payable in 2018 for the following purposes:
PURPOSE AMOUNT
Economic Development Authority $560,467
8. A certified copy of this resolution shall be transmitted to the County Auditor.
9. The Truth in Taxation public meeting shall be set for 6:00 p.m. December 5,
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Adopted by the City Council of the City of Richfield, Minnesota this 12th day of
September, 2017.
Pat Elliott, Mayor
ATTEST:
Elizabe VanHoo e, City Clerk