City Adopts Preliminary Levy
Increase Expected to be Less Than $3 per Month for Most
Each year the city council approves a tax levy to support General Fund Operations, Capital Improvements (equipment), and Debt Service. At the conclusion of recent budget meetings the City Council adopted a preliminary levy on September 10th that increases the levy by a modest 2.1%. In real dollars this represents an increase in revenues of $80,000 for the proposed $3,943,338 total budget. Over the last five years, the city adjusted to economic times and exercised fiscal discipline by cutting approximately 16% or $750,000. In fact, the last time the levy was increased was 2009.
Minnetrista’s proposed tax levy is necessary to keep current service levels and is similar to neighboring communities. It positions the city to meet demands for impending growth and covers increased costs related to contractual obligations. This proposed tax levy is estimated to increase a typical homeowner’s property taxes by $2-3 per month (a $30 annual increase) in 2014.
The City Council and Staff will continue to analyze operations and discuss the budget as the city is committed to continuing to find ways to manage costs. The Council could either affirm or lower the total levy amount in December with the passage and certification of the final budget and levy. However, state statutes prevent the City Council from making any increases in the total certified levy amount. Hennepin County is expected to mail preliminary 2014 tax statements to all residents in November and the Public Comment date for the City will be included in that information.
PROPERTY TAX STATEMENTS
Property tax statements are issued by Hennepin County. When reviewing your proposed tax statement, it is important to keep in mind that other factors including the valuation of your property (determined by the county assessor and affected by market conditions), legislative changes to the property class rates, and property tax portions added from the School District, County and Watershed Districts will affect your property tax bill. In addition, the Minnetrista City Council has no control over the valuation given to your property by the county assessor or the taxes assessed by other entities.
Residents should feel free to contact each entity directly regarding their respective portions of their property taxes. Numbers are listed below for your convenience and can also be found on your proposed property tax statement.
Hennepin County Assessor
Minnehaha Creek Watershed District
AA+ Bond Rating
On May 8, 2009, the City of Minnetrista received the results of Standard & Poor’s financial credit rating. Standard and Poor’s provided good news as the City was upgraded two ratings from the previous rating to a rating of AA+. The current EDA lease revenue bond has a rating of AA. Some of the major points that Standard & Poor’s pointed out in their report was: “very strong financial operations backed by very strong financial reserves”, “extremely strong income and wealth indicators” and “participation in the greater Minneapolis-St. Paul (Twin Cities) economic base.
A couple other factors the report referenced were a strong tax base totaling over 1.5 billion in taxable market value as well as good financial management practices. Other good financial management practices cited were general fund surpluses for the past three years as well as a comprehensive long term financial management plan. With this rating, the City is able to obtain lower interest rates on any necessary debt and pass along the savings to the citizens through lower debt levies.
The primary function of the Finance Department is to report and manage the fiscal affairs for the City of Minnetrista. We are committed to generating reliable financial information that is in accord with established accounting principles. The Finance Department manages accounts payable, accounts receivable, payroll, and utility billing.
2015 Comprehensive Annual Financial Report (CAFR)
2014 Comprehensive Annual Financial Report (CAFR)
2013 Comprehensive Annual Financial Report (CAFR)
2012 Comprehensive Annual Financial Report (CAFR)
2011 Comprehensive Annual Financial Report (CAFR)