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Overview
of Budget Process
State
Statutes require the City to certify a preliminary (proposed) 2008
property tax levy and General Fund Budget to the
County
Auditor
by
September 15, 2007
. This proposed levy is based
upon levy requirements for the general operations and special levies for
debt service and tax abatement. The
amounts approved at the September 10, 2007 City Council meeting provided
the information for the parcel specific tax and budget hearing notices to
be sent to property owners in November.
The proposed levy also sets the maximum for 2008.
The final levy approved in December cannot increase over the
proposed amount, unless there is an approved referendum levy passed in the
interim. Mayor and Council,
however, may approve a final levy that is less than the proposed levy.
As part of the Truth in
Taxation process, the City is required to follow certain steps in the
adoption of the Citys operating budget.
The first step is to certify to the
County
Auditor
a proposed levy. The
County
Auditor
then prepares property tax notices, which are sent to each property owner
showing the proposed levy adopted by the City.
After
these notices are sent, the City is required to hold public hearing(s) to
provide public input regarding the adoption of the operating budget and
subsequent final certified levy. After
the City holds its public hearing(s), it must then adopt a final budget
and certified levy prior to
December 31, 2007
. The Citys public hearing
on the budget and tax levy was held as part of the December 3rd regular council meeting. Final
adoption of the tax levy and budget for 2008 will occur at the Council
meeting of December 17th.
The
Council and Staff have met to discuss the proposed budget and tax levy at
a number of work sessions beginning in July.
2008 Proposed Budget
- $11.8 million
General
Fund is the general operating fund of the City and includes the activities
of Police and Fire; general administration, including the Mayor and
Council, the City Administrators department, the City Attorney,
Finance, Public Works, Community Development and Parks and Recreation.
The
proposed expenditure total for 2008 General Fund budget is $11,753,370.
This is an increase of $929,519 or 7.6% from the
amended budget of 2007.
2007 Budget (13 MB)
How
will the proposed tax levy affect the homeowner?
The median valued home within the City of
Savage
in 2007 was $248,400. Assuming
a 2.94% increase in market value, the base for 2008 taxes is $258,200.
The amount of City property taxes paid on this property in 2007 was
$1237. With the 2.94% increase in
market value, the proposed City tax bill for 2008 is $1249, an increase of 1% over 2007. Had there not been an increase in the market value of this home
the Citys portion of the tax bill would decrease $40 for 2008.
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Proposed
Tax Levy
2008
The proposed 2008 levy
is $14,821,829. This is an
increase of $905,028 or 6.5% over the 2007 approved levy. Approximately half of the levy increase is for operations and the rest for debt service.
Actual tax bills will arrive in March, with the first half of the payment for most jurisdictions due May 15.
For more information on the 2008 proposed budget and levy, please contact Finance Director Shelly Kolling at 952.882.2645.
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