09-10-2024 Resolution 12240RESOLUTION NO. 12240
RESOLUTION ADOPTING A PROPOSED BUDGET AND TAX LEVY
FOR THE YEAR 2025
WHEREAS, the Minnesota Truth in Taxation law provides for a proposed tax levy
to be certified to the County Auditor by September 30, 2024 and then recertified before
December 30, 2024.
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 2025 is hereby approved and
adopted with appropriations for each of the departments to be as follows:
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
2025 which are more fully detailed in the City Manager’s official copy of the
2025 budget, are hereby found and determined to be as follows:
TOTAL GENERAL FUND $32,729,960
3.There is hereby levied upon all taxable property in the City of Richfield a
direct ad valorem tax in the year 2024, payable in 2025 for the following
purposes and in the following amounts:
PURPOSE AMOUNT
General Fund1 $23,654,0512
Equipment 1,528,800
Economic Development Authority 623,343
Debt Service 4,101,375
General Fund
Legislative/Executive 1,314,929
Administrative Services 1,304,174
Finance 678,020
Public Safety 12,824,640
Fire Services 6,188,977
Community Development 1,865,120
Public Works 5,303,150
Recreation Services 2,474,590
Transfers Out 352,250
Fund Balance Reserve 424,110
TOTAL GENERAL FUND 32,729,960$
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 2015A will be reduced from $632,369.07
to $279,450.94 due to the utilization of gas and electric franchise fees.
5.The debt service tax levy as established in the bond documents for the G.O.
Street Reconstruction Bonds, Series 2018A will be reduced from $697,856.25
to $284,288 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.
Bonds, Series 2019A shall be $378,420.
7.The debt service tax levy as established in the bond documents for the G.O.
Bonds, Series 2022A shall be $427,770.
8.The budget for the Housing and Redevelopment Authority of Richfield for the
year 2025 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
2024, payable in 2025 for the following purposes:
PURPOSE AMOUNT
Housing and Redevelopment Authority $720,610
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 6:30 p.m. November 26,
2024.
Adopted by the City Council of the City of Richfield, Minnesota this 10th day of
September 2024.
Mary Supple, Mayor
ATTEST:
Michelle Friedrich, City Clerk