Fiscal Note
This resolution makes a technical adjustment to the 2014 adopted budget to conform to the state-mandated levy limit calculation. The adjustment reduces the city levy in the 2014 adopted budget by $38,575, to reflect the actual amount levied. Fund balance applied is increased by an equal amount.
Title
Amending the 2014 adopted budget by $38,575 for a technical adjustment to conform to the state-mandated levy limit calculation.
Body
The 2014 adopted budget was developed using a projected allowable levy under the state-mandated levy limits. One element of the allowable levy calculation is an adjustment to add town levies for parcels annexed into the city. The levy limit adjustment used in developing the 2014 budget relied on information that included the total levy, rather than only the town levy, for the parcels annexed into the city. A discrepancy of $38,575, was identified and corrected prior to setting the levy for tax bill purposes. This change was made consistent with the intent of the Mayor and Council to adopt a budget with a levy that complied with state-mandated levy limits.
WHEREAS, state law requires that municipalities adopt increases in property tax levies that are at or below the change property value associated with net new construction, with certain exceptions, and
WHEREAS, one of those exceptions is for the amount of town levies associated with parcels annexed into the city, and
WHEREAS, the intent of the Mayor and Common Council is to adopt budgets and set property tax levies in conformance with state law, and
WHEREAS, an administrative adjustment of $38,575, was made to the City levy to address a discrepancy in the annexed property exception to the state-mandated levy limits, and
NOW THEREFORE LET IT BE RESOLVED, that the Common Council amends the 2014 adopted budget to make it consistent with the technical adjustment to the levy necessary to comply with state-mandated levy limits, and
BE IT FINALLY RESOLVED, that the 201...
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