17-53 - 09-19 - Adopt 2018 Budget and Tax Levy Resolution 17-53 September 19, 2017
Member Fonnest introduced the following resolution and moved its adoption:
RESOLUTION ADOPTING THE PROPOSED 2018 BUDGET AND
PROPOSED TAX LEVY PAYABLE IN 2018
WHEREAS, State Law requires the certification of a proposed budget and
proposed tax levies no later than September 30, 2017; and
WHEREAS, the City Council has met and discussed the proposed budget and tax
levy; and
WHEREAS, the debt service levy as established in the bond documents for the
General Obligation Bonds, Series 2013A (132891), will be reduced by $350,831.60 due to
the transfer from the 2015 positive performance to help fund the city's portion of the tax
abatement; and
WHEREAS, the debt service levy as established in the bond documents for the
General Obligation Bonds, Series 2016C (133114), the amount of$389,511 will not be
levied due to the utilization of the franchise fees collected from gas and electric utilities;
and
WHEREAS, the debt service levy as established in the bond documents for the
Equipment Certificates, Series 2015B (133041), the amount of$289,170; Equipment
Certificates, Series 2016B (133115), the amount of$289,485; and Equipment Certificates,
Series 2017A (133196), the amount of$303,923 will not be levied through a debt levy but
paid partially with a General Fund Levy (General Fund Transfer).
NOW, THEREFORE, BE IT RESOLVED, that there is hereby levied upon all taxable
property located within the City of Golden Valley the following amounts:
General Tax Levy $17,428,460
Bonded Debt Levy:
Certificates of Indebtedness 0
Brookview Center 1,218,300
Street Improvement Bonds 3,773,982
TOTAL Tax Levy $22,420,742
BE IT FURTHER RESOLVED, the City Clerk shall certify to the Hennepin County
Auditor a copy of this resolution approving the property tax levies for collection in 2018 for
the City of Golden Valley.
BE IT FURTHER RESOLVED, that the proposed 2018 budget of the General Fund
is $20,489,400 and the proposed 2019 budget is approved in concept only.
Resolution No. 17-53 -2- September 19, 2017
BE IT FURTHER RESOLVED, that the City Council declares its intent to take all
necessary actions legally permissible to the submission and approval of the City's budget
and property tax levies both proposed and final.
Shep rd M. Harris, ffayor
ATTEST:
Kristine A. Luedke, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member Clausen
and upon a vote being taken thereon, the following voted in favor thereof; Clausen,
Fonnest, Harris and Schmidgall, the following voted against the same: none and the
following was absent: Snope whereupon said resolution was declared duly passed and
adopted, signed by the Mayor and his signature attested by the City Clerk.