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To: Honorable Mayor Adams and City Council <br />From: Julie Feier, City Manager <br />Date: August 24, 2007 <br />Subject: Weekly Update <br />St. Louis County oversees property assessments and property tax collection on behalf <br />of the State. Each year the County forwards the City the revised assessments and the <br />City must approve property tax rates by September 1. The County supplied final <br />assessment data on Wednesday. We have calculated the adjustments necessary to <br />meet State Statute and forwarded them on to the State Auditor for review. Once the <br />Auditor confirms, Council will approve the rates before being submitting to St. Louis <br />County for billing. This calendar year the County performed a reassessment. University <br />City values are appreciating at a high level, which is good news, the increase values <br />allowed for a roll back in the rate. These lower rates match the previous year's <br />revenue, plus the CPI (2.6%) and increased revenue for new construction. Also this <br />year, the Olive East TIF ended and the assessed valuation of those properties were <br />added as new construction and will generate new revenue for the City, all of which has <br />already been included in the budget. Please see the attached updated schedules of the <br />new and historical rates. The draft rates include the Board of Equalization changes to <br />assessed values, but we are still waiting for the State Auditor to approve the <br />calculations. The public hearing and first reading on the rates occurred August 20. We <br />have scheduled the second reading for September 4. State Statute requires submittal <br />of approved rates by September 1. However, due to the County's delay in providing the <br />assessment data they have allowed an additional window for delivery until September 7, <br />which we will easily meet with the second reading on September 4. The County's <br />deadline by statue is September 20. If Council is uncomfortable submitting after the <br />September 4 meeting, we can call a special meeting during the day next week after <br />Wednesday. Please let me know your preferences. <br />Regarding the proposed rate, for several years the City has not needed to contribute to <br />the Police and Fire pension plan but the surplus funds in the plan have gradually <br />dwindled. We recently received the actuarial report for both pension plans (attached) <br />and both the actuary and the Pension Board recommend re-establishing the Police & <br />