2007-09-04 Agenda - Laserfiche WebLink

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to increase the levy to maintain the current benefit level of the plan. Increasing the levy to the maximum this year pushes out that date a few years. The second option would be to establish the levy at a lower rate now at $0.093 cents, as recommended by the pension board, and continue increasing the rate over the next several years until the maximum is reached. The third option would be to do nothing now and add the levy next year or the following year. Adding the pension levy at the maximum rate increases the total City levy as follows: 2006 Total Residential Property Tax Levy $0.906 2007 Total Proposed Residential Property Tax Levy $0.927 RECOMMENDATION: The recommendation is to pass the property tax levy to include the police and fire pension levy at the maximum level for long-term financial viability of the pension plan. Residential Property Tax History Proposed 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 General 0.640 0.660 0.660 0.660 0.671 0.648 0.667 0.573 0.572 0.511 Library 0.340 0.340 0.340 0.289 0.292 0.281 0.291 0.249 0.249 0.223 Pension 0.020 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.144 Debt 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.023 0.085 0.049 Total 1.000 1.000 1.000 0.949 0.963 0.929 0.958 0.845 0.906 0.927 Also, see schedule attached for the comparative listing of all rate categories. Amendment Language for Final Rates to be Levied Bill # 8951 – City Rates – “Section 1.A should be amended to state $0.511 on residential property and $0.570 on commercial property. Section 1.B should be amended to state $0.144 on residential property and $0.163 on commercial property. Section 1.C should be amended to state $0.223 on residential property and $0.251 on commercial property.” J-5,6,7-b September 4, 2007