City of Excelsior 2018 Budget Presentation. December 4, 2017 City Council Meeting
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1 City of Excelsior 2018 Budget Presentation December 4, 2017 City Council Meeting
2 What do your property tax dollars pay for? Hennepin County Social Services Public Health Road and Highways Libraries Corrections Services by Taxing Districts Metropolitan City of Excelsior Minnetonka School District Special Taxing Districts Other Special Taxing Districts Roads and Streets K 12 Education Transportation Regional Parks Community Regional Sewer Regional Police and Fire Education Systems Railroads Parks and Recreation Building Safety Mosquito Control (public health) Museums Watershed Management Public Housing Sheriff Environmental Services Approximately 34% 20% 39% 2% 5%
3 County Approximately 20% of your property tax dollars pay for City services. City School Special Dist. Other Dist.
4 City of Excelsior Property Taxes City property taxes are determined by the City s Levy. Excelsior s levy consists of a general levy and a debt service levy to pay back the bonds issued for the 2010, 2011, and 2017 street projects.
5 3.0% Proposed Levy Increase for ,600,000 Tax Levy: ,400,000 1,200,000 1,000, , , , ,000 1,201,408 1,291,509 1,317,339 1,217,339 1,217,339 1,222,692 1,213,835 1,212,063 1,195,320 1,114,116 General Tax Levy Debt Service Levy The 3.0% increase is higher than the Consumer Price Index (CPI) decrease from 2015 to 2016 of 1.6%, However, the entire increase in going toward capital projects.
6 2018 Proposed Levy Increase The City s operating levy increase is proposed to increase 0.53% or $7,646. The increase for future capital projects and related debt is proposed to increase 2.47% or $35,405. This results in a net increase of 3.0%.
7 2017 vs Levy 2018 Levy 3.00% est market value 100, , , , , , , , ,000 1,000,000 1,500,000 2,000,000 homestead exclusion 28,240 19,240 10,240 1,240 taxable market value 71, , , , , , , , ,000 1,000,000 1,500,000 2,000,000 net tax capacity 718 2,000 3,000 4,000 5,000 6,250 7,500 8,750 10,000 11,250 17,500 23,750 tax rate 27.37% 27.37% 27.37% 27.37% 27.37% 27.37% 27.37% 27.37% 27.37% 27.37% 27.37% 27.37% net tax payable ,095 1,369 1,711 2,053 2,395 2,737 3,079 4,790 6, Levy 2.00% est market value 100, , , , , , , , ,000 1,000,000 1,500,000 2,000,000 homestead exclusion 28,240 19,240 10,240 1,240 taxable market value 71, , , , , , , , ,000 1,000,000 1,500,000 2,000,000 net tax capacity 718 2,000 3,000 4,000 5,000 6,250 7,500 8,750 10,000 11,250 17,500 23,750 tax rate 29.03% 29.03% 29.03% 29.03% 29.03% 29.03% 29.03% 29.03% 29.03% 29.03% 29.03% 29.03% net tax payable ,161 1,451 1,814 2,177 2,540 2,903 3,265 5,079 6, vs % (12) (33) (50) (66) (83) (103) (124) (145) (165) (186) (289) (392) The City s tax capacity decreased from 2017 to 2018 causing your City property tax to decrease in 2018, even though the City is increasing the levy.
8 2018 General Fund Revenue by Source 2018 General Fund Revenue 57.69% 11.30% 15.43% 4.40% 3.10% 3.10% 2.12% 1.89% 0.82% 0.14% Property Taxes Licenses and Permits Charges for Services Transfers From Other Funds Franchise Fees Fines and Forfeits Rents Miscellaneous Revenue Interest Earnings Intergovernmental Revenues Property taxes make up roughly 58% of the City s General Fund revenue.
9 2018 General Fund Revenue by Source Property Taxes $1,296, % Licenses and Permits 254, % Charges for Services 346, % Transfers From Other Funds 99, % Franchise Fees 69, % Fines and Forfeits 69, % Rents 47, % Miscellaneous Revenue 42, % Interest Earnings 18, % Intergovernmental Revenues 3, % Total General Fund Revenue $2,247, %
10 What Does the Levy Pay for? 2018 General Fund Budget 26.50% 10.76% 9.91% Public Safety General Government Culture and Recreation Public Works 44.60% 8.23% Transfers to Other Funds
11 2018 General Fund Expenditures Public Safety $1,002, % General Government 595, % Culture and Recreation 241, % Public Works 222, % Transfers to Other Funds 184, % Total General Fund Expenditures $2,247, % Notes: Public Safety consists of Police, Fire, and Building Inspections. General Government consists of City Council, City Manager/Clerk, Elections, Finance, Planning and Zoning, City Administration (City Hall), and Heritage Preservation. Public Works consists of Engineering and Streets. Culture and Recreation consists of Park Maintenance, Recreation Programs, and Cemetery. Transfers to Other Funds are contributions toward future capital improvements.
12 City of Excelsior 2018 General Fund Revenue & Expense Budget Summary $ Chg vs 2017 Budget % Chg vs 2017 Budget 2015 Actual 2016 Actual 2017 Budget 2018 Budget GENERAL FUND Revenues Property Taxes* 1,290,413 1,289,227 1,331,695 1,296,544 (35,151) -2.64% Franchise Fees 70,070 70,196 69,750 69, % Licenses and Permits 267, , , ,055 10, % Intergovernmental Revenues 13,095 6,821 3,095 3, % Charges for Services 77, ,357 76,200 81,804 5, % Parking Kiosks 62, , , , % Fines and Forfeits 69,038 68,635 67,550 69,575 2, % Rents 38,494 37,193 46,454 47,680 1, % Interest Earnings 19,965 16,579 18,500 18, % Miscellaneous Revenue 35,473 28,606 25,800 42,550 16, % Transfers From Other Funds 110, , ,800 99,000 (3,800) -3.70% 2,054,670 2,113,783 2,123,874 2,247, , % Expenditures Council 20,087 21,172 23,235 22,135 (1,100) -4.73% City Manager/Clerk 104, , , ,639 1, % Elections 1,176 5, ,800 7, % Finance 55,888 40,814 37,520 39,340 1, % Planning and Zoning 93, ,491 99,233 97,878 (1,355) -1.37% City Administration 220, , , ,570 1, % Parking Kiosks ,229 32,200 18, % Heritage Preservation 10,984 11,288 1,085 1, % Police 702, , , ,770 31, % Fire Contract 178, , , ,681 11, % Building Inspection 51,234 29,823 30,000 30, % Engineering 9,774 12,815 12,000 12, % Streets 197, , , ,305 7, % Park Maintenance 157, , , ,522 (948) -0.51% Recreation Programs 34,709 31,069 35,200 34,200 (1,000) -2.84% Cemetery 17,885 19,608 21,719 22, % Transfers To Other Funds 190,060 94, , ,918 (44,277) % 2,046,138 2,023,808 2,213,849 2,247,553 33, % Net Income (Loss) 8,532 89,975 (89,975) (0)
13 2018 Property Values Property values for taxes payable 2018 have increased significantly once again. Values have now risen to $40 million over the values of 2017.
14 Market Value Growth/Decline by Property Type Market Value Growth/Decline by Property Type Property Type Residential Lakeshore 6.30% 0.60% 2.00% 3.50% 15.00% 8.40% 2.20% 2.10% Residential Off Lake 6.20% 4.20% 5.40% 0.40% 23.00% 8.10% 4.90% 15.00% Apartment 11.50% 3.00% 0.00% 3.30% 1.30% 10.40% 8.20% 8.50% Commercial & Industrial 14.80% 0.00% 4.80% 0.08% 5.70% 6.90% 5.30% 6.00% Condominium 8.50% 1.70% 15.90% 2.30% 12.70% 16.40% 3.10% 3.30% Market values are increasing for all property classifications. The overall market value for the City increased over $40 million from $437,429,129 to $478,103,828.
15 Excelsior Value Changes Compared to Other Cities MUNICIPALITY PAY 2016 FINAL EST MKT VALUE PAY 2017 EST MKT VALUE PAY 2018 FINAL EST MKT VALUE $ CHANGE IN MARKET VALUE % CHANGE MKT VAL CHANGE IN TAX CAPACITY % CHANGE TAX CAP WOODLAND 284,556, ,960, ,724,000 8,764, % 107, % EDEN PRAIRIE 9,546,125,900 9,779,418,200 10,150,985, ,567, % 4,284, % MOUND 1,078,295,400 1,175,358,600 1,225,075,100 49,716, % 574, % MINNETONKA 8,419,635,700 8,688,605,500 9,095,064, ,459, % 4,842, % DEEPHAVEN 1,146,202,500 1,196,455,300 1,252,570,900 56,115, % 688, % ST. LOUIS PARK 5,841,548,800 6,306,324,900 6,642,340, ,015, % 4,086, % ORONO 2,547,306,700 2,745,486,600 2,892,832, ,346, % 1,798, % MEDINA 1,484,779,300 1,574,358,900 1,662,160,200 87,801, % 1,075, % GREENWOOD 298,947, ,604, ,494,100 18,890, % 233, % SHOREWOOD 1,532,655,200 1,595,444,800 1,689,311,700 93,866, % 1,098, % TONKA BAY 522,457, ,275, ,761,300 32,485, % 398, % SPRING PARK 229,679, ,569, ,247,100 15,677, % 189, % BLOOMINGTON 11,390,431,500 12,004,487,900 12,731,064, ,576, % 9,230, % EDINA 10,393,218,800 10,873,997,200 11,632,056, ,059, % 9,870, % MINNETRISTA 1,330,686,500 1,470,250,900 1,581,057, ,806, % 1,232, % ST. BONIFACIUS 190,065, ,713, ,549,200 15,836, % 177, % CORCORAN 729,619, ,689, ,031,800 60,342, % 683, % MINNETONKA BEACH 292,889, ,941, ,087,100 25,146, % 315, % MINNEAPOLIS 39,881,277,200 43,591,679,200 47,567,013,400 3,975,334, % (46,947,191) 7.33% EXCELSIOR 412,616, ,167, ,318,700 40,151, % 516, % BROOKLYN CENTER 1,758,565,800 1,848,110,900 2,030,795, ,685, % 2,202, % WAYZATA 1,650,309,800 1,799,348,000 1,977,731, ,383, % 2,366, % BROOKLYN PARK 5,811,963,300 6,210,190,500 6,860,738, ,548, % 8,096, % COUNTY 142,805,059, ,369,918, ,184,987,400 10,815,069, % 137,164, %
16 Taxable Tax Capacity by Property Type Taxes Payable 2018 Tax Capacity Residential 3,516, % Commercial 1,935, % Apartment 553, % Industrial 19, % Other 7, % Total 6,031, %
17 An Increase in Property Values = An Increase in Tax Dollars for the City, Right?
18 WRONG! The City sets the levy which is the amount of tax dollars that the City will receive, regardless of what property values are. What does change is the City s tax rate, which sets the percentage rate a property owner pays in taxes for each dollar of tax capacity.
19 Will Your Taxes Increase?
20 Residential Example Property A 2017 Market Value $711,000 Homestead Exclusion $0 Taxable Market Value $711,000 Property A 2018 Market Value $724,000 (1.8%) Homestead Exclusion $0 Taxable Market Value $724,000 Total City Property Tax $2, Total City Property Tax $2, Property A will have a decrease of $84.38 or 3.8% in the City portion of their property taxes in 2018
21 Residential Example Property B 2017 Property B 2018 Market Value $1,615,000 Homestead Exclusion $0 Taxable Market Value $1,615,000 Market Value $1,654,000 (2.4%) Homestead Exclusion $0 Taxable Market Value $1,654,000 Total City Property Tax $5, Total City Property Tax $5, Property B will have a decrease of $ or 3.4% in the City portion of their property taxes in 2018
22 Commercial Example Property C 2017 Property C 2018 Market Value $844,000 Homestead Exclusion $0 Taxable Market Value $844,000 Market Value $904,000 (7.1%) Homestead Exclusion $0 Taxable Market Value $904,000 Total City Property Tax $3, Total City Property Tax $ Property C will have a decrease of $ or 4.4% in the City portion of their property taxes in 2018
23 Property Tax Relief Programs Homestead Market Value Exclusion Values up to $413,800 Property Tax Refund Targeting Property Tax Refund (aka Special Property Tax Refund) Property Tax Increase of over 12% and $100 Disabled Veteran Homestead Value Exclusion Senior Citizens Property Tax Deferral Program
24 2018 Utility Rates The 2018 proposed utility rates include the increases/decreases shown below. Water 5% Sewer Surface Water Trash Recycling No Change No Change No Change No Change Street Lighting 3% Yard Waste Spring Clean Up No Change No Change
25 The complete 2018 budget will be available on the City s website. Hard copies may be obtained at City Hall during regular business hours. Excelsior City Hall 339 Third Street Excelsior, MN 55331
26 Any questions or comments? Contact Info: Teah Malecha, Finance Officer (952) (direct)
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