19-53 - 09-17 - Adopt Proposed 2020 Budget and Tax Levy RESOLUTION 19-53
RESOLUTION ADOPTING THE PROPOSED 2020 BUDGET AND
PROPOSED TAX LEVY PAYABLE IN 2020
WHEREAS, State Law requires the certification of a proposed budget and proposed
tax levies no later than September 30, 2019; 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
Equipment Certificates, Series 2017A (2824B), the amount of$302,820 will not be levied
through a debt levy but paid with a General Fund Levy (General Fund Transfer); and
WHEREAS, the debt service levy as established in the bond documents for the
General Obligation Bonds, Series 2016C (2822), the amount of $390,455 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
General Obligation Bonds, Series 2017B (2825A), the amount of$22,003 will not be levied
due to the utilization of the internal state aid monies; and
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 $19,649,140
Bonded Debt Levy:
Certificates of Indebtedness 0
Brookview Center 1,218,300
Street Improvement Bonds 4,205,594
TOTAL Tax Levy $25.073,034
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 2020 for the
City of Golden Valley.
BE IT FURTHER RESOLVED, that the proposed 2020 budget of the General Fund is
$22,813,750 and the proposed 2021 budget is approved in concept only.
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.
Sheparfl M. Harris, Mayor
ATTEST:
Kristine A. Luedke, City Clerk