Each year, City staff creates and present an annual budget for the City Council to review and modify. The budget includes expenditures and revenues for the General Fund, Capital Improvement Plan, Debt Service Funds, Enterprise Funds, various Roads funds, and Special Revenue Funds. A preliminary budget is adopted by the Council by the end September each year, which is submitted for certification to Hennepin County. Once submitted, the preliminary levy can be lowered, but not raised. Final budget is approved by the City Council in December each year.
Like many of us, the Minnetrista City Council prepares a budget each year to pay for essential services such as police and fire protection, park and recreation services, roads, buildings, vehicles, equipment, staff compensation and much more. For 2023, the approved tax levy is $5,854,229, which is a 9.18% net levy increase from 2022.
Below are the contributing factors to the proposed increase:
Final 2023 Budget approved on December 5, 2022
Tax Rate for Residents
With the housing market sector still performing well, our preliminary numbers from Hennepin County show the City’s tax capacity going up 20%+. This is a from a combination of values on current properties within the City increasing (based on existing sales) as well as new homes/improvements being added in the City. Most of this would be from appreciation on existing properties and about 3.3% would be attributable to new growth. With the increased valuation, (market value/tax capacity) and the above proposed tax levy option presented above, the tax rate would be projected to drop by about 4% from its current 2022 City tax rate of 23.10% to a projected 19.15%.