09-10 Resolution No. 11649
RESOLUTION NO. 11649
RESOLUTION ADOPTING A PROPOSED BUDGET AND TAX LEVY
FOR THE YEAR 2020
WHEREAS
, the Minnesota Truth in Taxation law provides for a proposed tax levy
to be certified to the County Auditor by September 30, 2019 and then recertified before
December 30, 2019.
NOW, THEREFORE, BE ITRESOLVED
by the City Council of the City of
Richfield, Minnesota as follows:
1. The budget for the City of Richfield for the year 2020 is hereby approved and
adopted with appropriations for each of the departments to be as follows:
General Fund
Legislative/Executive $ 927,410
Administrative Services 961,630
Finance 673,000
Public Safety 9,847,770
Fire Services 4,850,230
Community Development 1,629,150
Public Works 4,299,810
Recreation Services 2,029,820
Transfers Out 220,000
TOTAL GENERAL FUND $25,438,820
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
2020 which are more fully detailed in the City Manager’s official copy of the
2020 budget, are hereby found and determined to be as follows:
TOTAL GENERAL FUND $25,438,820
3. There is hereby levied upon all taxable property in the City of Richfield a
direct ad valorem tax in the year 2019, payable in 2020 for the following
purposes and in the following amounts:
PURPOSE AMOUNT
General Fund 1 $17,486,394 2
Equipment 815,000
Economic Development Authority 553,985
Debt Service 3,478,690
Cedar Point Tax Abatement 353,402
1
Provision has been made in the General Fund for the payment of the City’s
contributory share to Public Employees’ Retirement Association.
Resolution No. 11649
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
$141,235.50 to $128,855 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 $636,490.32
to $282,601 due to the utilization of gas and electric franchise fees.
6. The debt service tax levy as established in the bond documents for the G.O.
Street Reconstruction Bonds, Series 2018A will be reduced from $702,476.25
to $288,645 due to the utilization of gas and electric franchise fees.
7. The debt service tax levy as established in the bond documents for the G.O.
Bonds, Series 2019A will be increased from $378,840 to $388,840 to offset
interest costs in the year of issuance.
8. The budget for the Housing and Redevelopment Authority of Richfield for the
year 2020 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
2019, payable in 2020 for the following purposes:
PURPOSE AMOUNT
Housing and Redevelopment Authority $612,650
9. A certified copy of this resolution shall be transmitted to the County Auditor.
10.The Truth in Taxation public meeting shall be set for 7:00 p.m. November 26,
2019.
Adopted by the City Council of the City of Richfield, Minnesota this 10th day of
September 2019.
u *Q.V0
Mari Regan Gonz , Mayor
ATTEST:
El beth VanHoose, City Clerk
Resolution No. 11649