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I I I Council Meeting Minutes December 10, 1997 Page 3 Public Hearing. continued General Fund expenditures are as follows: Administration (City Manager's Office and City Hall Maintenance) - 18%; Finance - (Finance, License Bureau, and Elections) - 6%; Community Development - 9%; Parks (parks and FSC operation) - 19%; Public Safety (Fire and Police) - 29%; and Public Works - 19%. Taxes annually will cover 10.5% of FSC operating costs. The FSC is an important community resource which provides 5,500 hours of meeting space to nonprofit and local organizations. The 1998 tax levy for the construction bonds will be $375,000. One item of concern as we move closer to 2000 is the annual revenue from engineering project fees. There may be opportunity to offset revenue from the General Fund by assessing water, sewer, and storm water services as support charges, Details of the support charges will be considered when rates are reviewed in April 1998. The balance in the Reserves Fund is $17,000,000. These reserves pay a significant role in financing local services, Within the General Fund, reserves will contribute $1,000,000 to support services in 1998-2000. In 2000, that commitment will likely over pledge what is available, and the City will need to review options. The General Fund balance at the end of 1997 is more than $4,000,000. The City's tax portion for a sample group of properties showed: a $75,000 valued property would see an $7 increase; $115,000 valued property - $10 increase; and a $200,000 valued property - $15 increase. Commercial properties will see tax relief in terms of estimated market values, Four public agencies rely on property taxes to finance services and the cost allocation is as follows: New Brighton - 16%, county - 38%, school district - 41 %, and other (watershed district, regional transit authority, and mosquito control district) - 5 % . The State of Minnesota will provide property owners a 20 % refund on 1997 property taxes. To qualify, the rebate should be completed on the 1997 Income Tax Return. Fulton said the City experienced an unexpected 21 % increase in employee family health insurance premiums. He proposed to Council that the budget include an additional City contribution of 50 % for the increased premium costs for family coverage. Council indicated the need to develop an overall strategy to address raising insurance costs, They propose the City contribute an additional 50 % toward family health insurance premiums during the period of January-June, 1998, Egan said the adoption of the Annual Budget and Certification of the Tax Levy will occur December 18, 7:30 p.m., in the Council Chambers. There were no comments from the audience, Motion by Larson, seconded by Gunderman, to CLOSE THE HEARING. 5 Ayes - 0 Nayes, Motion Carried. Public Hearing Truth in Taxation Hearing Report 97-260 Resolution 97-085