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03. Resolution 5681 - Budget Resolution - Mill LevyCity of Kalispell Post Office Box 1997 - Kalispell, Montana 59903-1997 Telephone (406) 758-7000 Fax - (406) 758-7758 �1t 1-17 t REPORT TO: Doug Russell, City Manager ,t FROM: Rick Wills, Finance Director SUBJECT: FY2015 Budget - Mill Levy MEETING DATE: August 18, 2014 BACKGROUND: This resolution is adopted annually to provide a levy to fund the City's budget for the General Fund, the voted levies for the refinanced Pool and Fire Hall G. O. Bond, and the mill levy authorized by the legislature to deal with the increased cost in health insurance premiums. The total City levy requested is 187.80 mills. The General City levy of 156.80 mills is based upon the calculation of the mill value provided by the State Department of Revenue. The City of Kalispell has 1.6 mills authorized but not levied in fiscal year 2015 available to be levied in a future fiscal year. Of the 156.80 general levy, 22.4 mills are designated for the operations of the Parks & Recreation department. The G. O. Bond levy request is 12.5 mills, the same request as last fiscal year. The original levy for the 2 separate G.O. Bonds was 20.5 mills in 2006 and has been reduced due to annexations — more properties supporting the levy, and refinancing. The Health Insurance levy request is 18.5 mills, the same request as last fiscal year. This permissive levy is only to finance the increased cost of premiums since 2003 and not the total cost of insurance as it relates to governmental fund employees. The General Fund budget health line items reflect the total cost of health insurance in each budget. The Parks & Recreation fund is designated 1.7 mills of this levy for insurance costs related to Parks and Recreation employees. RECOMMENDATION: It is recommended the City Council approve Resolution 5681 setting the mill levy at 187.80. FISCAL EFFECTS: Levy should generate approximately $7,420,000 of tax revenue for the City based on a mill value of $39,522. However, the mill value is subject to change as appeals and other adj�jgments are made throughout the year. �w Rick Wi is Finance Director Background: Mill levy calculation 2014 Certified Taxable Valuation Information 5 Year History exhibit A RESOLUTION MAKING THE ANNUAL TAX LEVIES FOR THE CITY OF KALISPELL, MONTANA, FOR THE FISCAL YEAR 2014-2015. BE 1T RESOLVED BY THE CITY COUNCIL OF THE CITY OF KALISPELL AS FOLLOWS: SECTION 1. That there is hereby levied upon each and every dollar of the taxable valuation of the City of Kalispell, Montana, for the fiscal year 2014-2015, the following levies: MILLS GENERAL FUND 134.40 Designated for Parks & Recreation 22.40 Total General Levy 1.56.80 Permissive Levies: HEALTH INSURANCE 16.8 Health Insurance — designated Parks & Recreation 1.7 Total Health levy 18.50 G. O. BOND — REFINANCED POOLIFIRE HALL 12.50 TOTAL CITY LEVY — all funds MILLS 187.80 PASSED AND APPROVED BY THE CITY COUNCIL AND SIGNED BY THE MAYOR OF THE CITY OF KALISPELL THIS 18TH DAY OF AUGUST, 2014. Mark Johnson Mayor ATTEST: Theresa White City Clerk Mill levy calculation - Dept. of Revenue values for FY2016 DETERMINATION OF TAX REVENUE AND MILL LEVY LIMITATIONS UNDER HOUSE BILL 124 Ad valorem tax revenue authorized to be assessed 2013-2014 Add: FISCAL YEAR 2014 INFLATION ADJUSMENT @ 01.03% Section 94 (1)(a) 63,089 Less: FYI SB96 Reimbursement through Entitlement Share Property Tax Revenue Assessed Taxable value per mill Less: Newly taxable property per mill value, Taxable value per mill (enter as negative) Adjusted Taxable value per mill Authorized mill levy under HB 124 Adjusted taxable value per mill Add: Newly taxable property per mill value Taxable value per mill of net and gross proceeds (coun Taxable value per mill (including newly taxable property) Authorized mill levy under 1-I13 124 (includes floating mills) Current property tax revenue limitation KtGAPIIULA 1 IUN: Previous year adjusted property tax revenue assessed (5) Amount attributable to newly taxable property Current property tax revenue (766) 00. 6,125,136 63,089 (109,583) 6,078,642 39,522 (766) 38,756 156.8 38,756 766 39,522 156.8 6,198,784 6,078,642 120,142 6,198,784 2014 Certified Taxable Valuation Information (1S-10'202, MCA) Flathead County CITY OFK4L/SPELL MONTANA Form AB-7ZT Rev.3-12 1,587,574,165 2.2U14Total Taxable Value .......... ..................................... ........... .............. --........ --- 3�2014Taxable Value of Newly Taxable Property ... .............. --............................. ......... 4. 2OI4Taxmb>eValue less Incremental Taxable Va|ue**............. -------....... 39,522,550 S.2DI4Taxable Value ufNet and Gross Prnceeds*** 6. 7lF Districts Tax Increment Current Taxable Base Taxable District Name Value Value Kalispell 1'339,930 455'612 Kalispell Kalispell G 112,113 Incremental Value 886,318 'Total Incremental Value $ 2'229'816 Prepaner Holly Dale Date 7124/2014 *K8arkeivalue does not include class 1and class 2value "This value is the taxinQ jurisdicLion's taxable value less total incrennental value of tax increment financing districts. ~*~Thetaxable value. o[class 1and class 2bindu�dedin�het�xab|eva|uetota� For Information Purposes Only 2Ol4taxable value ofcentrally assessed property having market value of' $lrniUion or more, which has transferred to different ownership in compliance with 1.5'I0-202(2)' MCA. !. Value Included in "newly taxable" property 11, Total value eXCIUSiVe of "newly taxable" propertv $ Mill Levy - 5 year Comparison FY2011 FV2012 FY2013 FY2014 FY2015 GENERAL FUND 119.10 123.48 132.20 131.70 134.40 PARKS -designated mills 22.40 22.40 22.40 22.40 22.40 141.50 145.88 154.60 154.10 156.80 "Permissive levies: G. O. BOND, series 2012 refunding bonds 14.2 13.5 12.5 12.5 12.50 TOTAL CITY LEVY 155.70 159.38 167.10 166.60 169.30 Health Ins. levy -premium increases 13.04 14.95 16.90 16.80 16.80 Parks health 1.60 1.60 1.60 1.70 1.70 TOTAL CITY LEVY w/PERMISSIVE 170.34 175.93 185.60 185.10 187.80 "The legislature provided for the increase in mills necessary to pay higher health insurance premiums. The G.O. Bond debt service levy is voter approved and can go up or down each year depending on the debt service schedule and the value of the mill. Other Government levies: City/County Health Fund 5.81 5.75 5.75 5.74 5.74 (Administered by the County) Business Improvement District Levy (plus square footage assessment at .015 sq. ft.) 37.5 37.5 37.5 37.5 37.5