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Home My WebLink About1992 12-10 City Council Special Meeting PacketAGENDA MAPLEWOOD CITY COUNCIL 7:00 P.M., Thursday, December 10, 1992 Council Chambers, Municipal' Building Meeting No. 92 -23 A. CALL TO ORDER B. PLEDGE OF ALLEGIANCE C. ROLL CALL D. APPROVAL OF AGENDA E. PUBLIC HEARINGS 1. 7 :00 P.M.: Public Hearing on Proposed 1993 Budget and Taxes a. City Manager Comments b. Video Presentation of Proposed 1993 Budget c. Citizen Comments d. City Council Adoption of Budget e. City Council Adoption of Tax Levy for 1993 F. ADJOURNMENT AGENDA NO. F 000 / AGENDA REPORT Ac tion by C Qun o f Endorsed Modifted TO: City Manager Re j eoted..A....�......._.. Dat FROM: Finance Director RE: PUBLIC HEARING ON PROPOSED PROPERTY TAXES FOR 1993 DATE: December 4, 1992 A public hearing on the proposed property taxes and budget for 1993 has been scheduled for December 10 at 7:00 p.m. in the Council Chambers. Attached is a copy of the public hearing notice that was published in the Maplewood Review (Exhibit A). If additional time is needed, the hearing has been scheduled to reconvene at 7:00 p.m. on December 16. State law requires that cities must adopt their final property tax levy for takes payable in 1993 at the conclusion of their public hearing (or at the conclusion of their continuation hearing, if one is scheduled and held). The percentage changes in proposed property tax levies for Maplewood, Ramsey County and the three school districts in Maplewood are as follows: + 3.5 % City of Maplewood + 4.8% Ramsey County + 7.8% School District 622 -2.1% Roseville School District 623 -5.1% White Bear Lake School District 624 The breakdown of the City's tax base by school district is 86 % ISD 622 13.2 % Roseville and .8 % White Bear Lake. It should be noted that only 14.6 % of the total property takes a homeowner pays will go to the City in 1993 based on the proposed tax levies (see Exhibit B). In 1992 the City received 15.3 of the total taxes. City property tomes for 1993 will range from a $4 increase on a $70,000 home to $5 decrease on a $140,000 home. An average home, which has a value of $86,850, will have an increase in City taxes of $9 (see Exhibit Q. A video presentation of the City's 1993 Budget will be presented at the beginning of the public hearing. lz WAAGN193PR0P.TAX Attachments EXHIBIT A Notice of Propos Property Taxes The Maplewood city council will soon hold a public budget hearing to vote on the amount of property taxes to collect to pay for services the city will provide in 1993. Attend the Public Hearing All Maplewood residents are invited to attend the public hearing of the city council to egress their opinions on the budget and the proposed amount of property taxes on: Thursday, December 10 7 p.m. City Council Chambers Maplewood City Hall 1830 East County Road B Maplewood EXHIBIT B WHERE YOUR PROPERTY TAXES WILL GO IN 1993 MISCELLANEOUS 5.2% ,� COUNTY 32.7% SCHOOLS ....... 47.5% 44 CITY 14.6% • BASED ON PROPOSED PROPERTY TAX LEVIES Bxy% C MEMORANDUM TO: City Manager and City Council FROM: Finance Director RE: REVISED 1993 HOMEOWNER PROPERTY TAX ESTIMATES DATE: November 18, 1992 The latest information from Ramsey County indicates City property taxes on an average home in 1993 will be $9 higher than 1992. Preliminary estimates were that there would be a $1 decrease. The difference between the preliminary estimate and the latest estimate was due to incorrect information supplied by Ramsey County. The following are the preliminary estimates and revised estimates for houses ranging in value from $70,000 to $160,000: Estimated Increase (Decrease,)_.._ Value Preliminary Revised $70,000 $(2) $4 86X0 (1) 9 10000 (1) 11 120 (6) li 140,000 (26) (5) 160,000 (45) (21) The average value of a house in Maplewood is $86,850. All of the above estimates assume a 1.0% increase in the estimated market value for 1993. According to Ramsey County, this was the average increase in market value on all homes in Maplewood. Attached is more detailed information. lz W:\NEM0\TAX93 Attachments AGENDA NO. F_' / — 4 AGENDA REPORT TO: City Manager FROM: Finance Director RE: RESOLUTION ADOPTING BUDGET FOR 1993 DATE: December 4, 1992 PROPOSAL Action by Counoil Endorse Modified . Rej eoted.,..,�.... Date It is proposed that a resolution be approved to adopt a budget for 1993. According to State law, this must be done at the conclusion of the public hearing. BACKGROUND On September 10th a special City Council meeting was held to review and discuss the 1993 Proposed Budget. The minutes are attached (see Exhibit A). At the conclusion of the meeting, preliminary approval was given to the proposed budget with the understanding that changes to it would be considered at the December 10th public hearing. BUDGET REVISIONS Capital Improvements Budget: 1. Revision of the proposed bud et for the cancellation of four public improvement ro°ects. The projects are: 90 -12 Harvester Storm Sewer, 90 -13 Duluth - English Storm Sewer, 92 -13 Hazelwood Street (County Road C to Beam), and 92 -14 Hazelwood - Markham Pond. The public hearings for these projects were held in August, and the projects were denied by the Council. 2. Revision of the proposed budget for an approved public improvement project. The estimated costs for Project 89 -04 County Road C (T.H. 61- Hazelwood) have been decreased to $571,000. Initially this project had a projected $1,359,000 cost and $919,000 anticipated revenues from Ramsey County. The latest plan provides that the City pay the County the net cost. 3. Add $85,000 to the proposed budget for street overlay, and sealc . The initial proposed budget included $80,000 for street overlay and sealcoating . The additional $85,000 for 1993 is based on Council action when the lanned 1992 street overlay and P Y sealcoating was canceled. 4. Adjust the proposed budget for the Community Center project The proposed budget includes estimated revenues, expenditures and tax increment transfers for the Community Center project in the Park Development Fund. In order to simplify the accounting for this project, a Community Center Capital Project Fund should be created to account for the construction of the facility. (After construction is complete, an enterprise fund should be created to account for its user fees and operating expenses.) In addition to creating a Community center Capital Projects Fund for Y p J 1993, the estimated 1993 revenues, expenditures and tax increment transfers should be revised in accordance with the financing plan presented at the public hearings in September. The changes proposed for the Park Development Fund are attached. in Exhibit B. The proposed Community Center Capital Projects Fund is attached as Exhibit C. The revised Tax Increment Fund budget is attached as Exhibit D. The following indicates the impact of the preceding changes on the Capital Improvement Budget: Expenditures in the initial proposed Capital Improvement Budget were 5.4 % less than the 1992 Budget. Expenditures in the revised proposed Capital Improvements Budget are 44.1 % less than the 1992 Budget. Overall, expenditures in the initial proposed total budget (Operations, Capital Improvements and Debt Service) were 1.1 % higher than the 1992 Budget. Expenditures in the revised proposed total g P P p budget are 12.7% less than the 1992 Budget. This is a decrease of $3,872,935. BUDGET ADOPTION After all revisions are made to the proposed 1993 Budget, a resolution similar to Exhibit E should be adopted. (The attached resolution includes amounts based upon the original proposed budget and the revisions listed in this report.) wAagnUdoptBud.93 Initial Revised Proposed Proposed Bud et Budget Balance 1 -1 -93 $ 2,001,357 $ 1 Revenues 4 2 Net Other Increases 3 6 Expenditures 10, 321, 940 6,104, 530 Balance 12 -31 -93 $ 627 $4 Expenditures in the initial proposed Capital Improvement Budget were 5.4 % less than the 1992 Budget. Expenditures in the revised proposed Capital Improvements Budget are 44.1 % less than the 1992 Budget. Overall, expenditures in the initial proposed total budget (Operations, Capital Improvements and Debt Service) were 1.1 % higher than the 1992 Budget. Expenditures in the revised proposed total g P P p budget are 12.7% less than the 1992 Budget. This is a decrease of $3,872,935. BUDGET ADOPTION After all revisions are made to the proposed 1993 Budget, a resolution similar to Exhibit E should be adopted. (The attached resolution includes amounts based upon the original proposed budget and the revisions listed in this report.) wAagnUdoptBud.93 COUNCILAVANAGER MEEf1NG OF THE CITY COUNCIL OF THE CITY OF MAPLEWOOD 4:30 p.m., Thursday, September 10, 1992 EXHIBIT A Maplewood Room, City Hall MINUTES a. CALL TO ORDER The Council /Manager meeting of the Maplewood City Council was held in the Maplewood Room, City Hall. The meeting was called to order by Mayor Bastian at 4:34 p.m. B. ROLL CALL Mayor Gary Bastian Present Councilperson Dale Carlson Present Councilperson Fran Juker Present Councilperson George Rossbach Present Councilperson Joseph Zappa Present Others Present: Cite Manager Michael McGuire Assistant City Manager Gretchen Ma lich' ty g g Finance Director Daniel Faust Assistant Finance Director Rick Hangsleben C. APPROVAL OF AGENDA The agenda was amended as follows: E. DISCUSSION TOPICS 6. OTHER BUDGET- RELATED ITEMS a. North. St. Paul /Maplewood Police Department Councilmember Zappa moved that the agenda be approved as amended. The motion was seconded by Mayor Bastian and approved. Ayes: All D. 1993 BUDGET OVERVIEW City. Manager McGuire ,and Finance Director Faust presented a summary of the proposed 1993 Budget. There was some discussion about possible changes to the budget due to the contract with Landfall for police services; cancellation of some public works improvement projects; and reduction of park service levels. 1 E. DISCUSSION ITEMS 1. Fire Department Contracts City Manager McGuire reported that since the Fire Departments did not submit the required budget request documentation, the proposed 1993 Budget includes the same amount of money for the Fire Department contracts as was spent in 1992. It was the consensus of the City Council that the 1993 payments be the same as the 1992 amounts until such time the Fire Departments submit the correct information. 2. Contribution to Firefighters' Relief Association City Manger McGuire reported that the cities of Maplewood, Oakdale and Landfall are still negotiating with the Firefighters' Relief Association through g 9 regular meetings and continuing actuarial studies for defined contribution vs. defined benefit plans. In addition, he stated that the ro � osed 1993 Budget p p 9 includes the same amount for the City's contribution as 1992. 3. Utility Charges 1992 vs. 1993 Finance Director Faust presented the recommended increases in utility rates for 1993 including water (hydrant charge), sewer service, and recycling charge. There was some discussion about the costs associated with recy cling, and Council again requested that representatives from Ramsey County and NSP attend a Council /Manager meeting to provide more information. 4. Use of Charitable Gambling Proceeds Assistant City Manager Maglich. presented the report on possible uses of the 10% of net profits fund. Following some discussion, it was the consensus of the City Council that within the next two weeks, each Councilmember would submit to the City Manager a list of projects that they would like to see funded with the charitable gambling proceeds. Staff was directed to verify he legality fY g tY of those possible expenditures. Mayor Bastian left the meeting at 7:13 p.m. 5. Truth -In- Taxation Requirements Assistant Finance Director Hangsleben reviewed the calendar of dates for proposed property taxes, public hearings and final property taxes for payable 1993. 6. Other Budget - Related Items a. North St. Paul /Maplewood Police Department City Manager McGuire reported on the recent talks with North St. Paul about consolidating the police departments of North St. Paul and Maplewood. 2 F. CERTIFICATION OF DATES FOR P, UBLIC HEARING ON PROPOSED 1993 BUDGET AND PRO -PERTY TAXES Councilperson Zappa moved that the Gitv's public hearing on the 1993 Budget be scheduled for.. Thursday, December 10 1992 7 :00 mm., and the continuation hearing, if nedessa be held on Wednesday, December 16,_ 7:00 .m. at C Hall The ,_.p ,._ motion was seconded by Councilperson Carlson and approved. AYes: Carlson, Rossbach and Zappa Nays: Juker Absent: Bastian G. ADOPTION OF PROPOSED PROPERTY TAX LEVY PAYABLE IN 1993 Councilperson Zappa introduced the followin resolution and moved t its adop_ an: 92 -09 -109 WHEREAS, State law requires that the City Council give preliminary approval of a proposed tax levy for 1992 payable in 1993 by September 15, 1992; and WHEREAS, the City Council has reviewed the Proposed 1993 Budget and has determined that the proposed tax levy payable in 1993 is the maximum amount that will be levied. NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MAPLEWOOD, MINNESOTA THAT the proposed tax levy for 1992 payable in 1993 in the amount of $7,415,200 is hereby given preliminary approval. The motion was seconded by Councilperson Carlson and approved. Ayes: Carlson, Juker, Rossbach and Zappa Nays: None Absent: Mayor Bastian G. ADJOURNMENT The meeting was adjourned at 7:20 p.m. 3 FILE NAME PARK LOCATION,* Lm \DUD \ DATE: 03- Dec -92 PREPARED BY: LZ /DF EXHIBIT D CITE' OF MAPLE WOOD, MINNESOTA PARK DEVELOPMENT F UND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE ACC 1992 1993 g 1 � q �g 'T � wwwrwrrrrrrrwwrwrrawrrma rwyrrwmrmam�orarrwaarrmrr NO, 1990 1991 ORIOINAL INITIAL REVISED ACTUAL ACTUAL BUDGET RE -EST PROPOSED PROPOSED Intergovernmental Revenue _rr_mrwmrr_rrrwrrrw 3534 C ounty grants $0 $0 $0 $214,300 $0 0 Miscellaneous Revenue 3801 Interest on investments 96,166 0 36,560 0 108,860 78,820 3803 Do nations 0 0 0 0 1 0 Park availability charges,, 3851 R esi d entia l 69,861 97,336 25,000 25,000 25,000 25,000 3852 N on - residential 206,311 30,215 75 75,000 75,000 75,000 Total revenues 372,338 127,551 136 314,300 1 178,820 E xpenditures. ww__r®uwrwrwwr 4480 ,Audit fees 928 1 5 10,800 11,950 2 4660 Community center~ 22,205 1 1667, 42' 5 401,320 6 0 4720 P development projects 770,954 388,596 100,000 864,590 155,000 155,000 4930 I nvestment management fees 6 1 2 0 7 5 Interest interfund loans 0 6,397 0 0 0 0 Other 108 633 0 0 0 0 Total expenditures 800,457 2 5 1 6 162,670 Excess (d of revenue over expenditures (428,119) (1,938,285) (5,263,140) (962,410) (5,256,670) 16,150 Fund balance - January 1 1 674,315 731,245 (1,263,970) 2 1 Residual equity transfers from. T Increment F 0 0 5,195,500 3 5,291,500 0 Fund balance m Dec ember 31 $674,315 ($1,263,970) $663,605 $1,576,310 $2,211 $1,592,460 FILE NAKEO, CENTER LOCATION: L:\BUDDOC\ DATED 03-Dec-92 PREPARED BY: L2/DF CITY OF MAPLEWOOD, MINNESOTA COMMUNITY CENTER PROJECT FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE 1992 1993 ACCT MOa 1990 1991 ORIGINAL :CRm ADOPTED ACTUAL ACTUAL BUDGET RE-EST PROPOSED BUDGET 0 0 0 0 0 ---- �M_m N - - -m wwNN 0 --- "" 0 0 0 0 0 0 0 0 4 0 0 0 0 504,000 0 0 0 0 35,200 0 0 0 0 0 0 0 0 0 4 0 0 0 0 (4 0 0 0 0 6 0 0 0 0 0 0 0 0 0 2 440,000 $0 $0 $0 $0 $4,595,800 FILE NANEm TAX LOCATION: L: \BUD \ DATED 03mDecm92 PREPARED BY: LZ /DF EXHIBIT D CITY OF MAPLE D, MINNESOTA TAX INCRERENT FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE 1992 1993 e e w e e w r ACCT, 1990 e 1991 r aw w w w Y w o r r w r w ORIGINAL w e Y e Y r e w w e r w r e w Y Y e Y r Y INITIAL w r e w w r Y w w REVISED NO. e e r w w w m w w e r Y w r r w w Y w e Y w Y e w e e Y Y w r Y w wee w e e w w Y e Y e m Y w Y w ACTUAL Y w m e w w w e w w o r w e ACTUAL ew w Y Y Y e e e w Y w e BUDGET e w w w w w e o Y w w Y w RE-EST. w w r o e w e w Y w e Y r PROPOSED w r r o Y w w o o w m w w e w PROPOSED w r w w m w e w o e r Revenues® 3015 r m w w e r r Y Tax increments $804 $1 $l $1 $1 $1 3801 Interest on investments 192,638 256,398 Y w e 46,200 m m Y m Y r w w w w e e 34,860 Y Y w Y w w Y m Iwr w 64,800 Y e e w Y wls Y Y w w Y Y 59,440 m e e Y Y m Y Y m Y Y Total revenues r w w Y Y w e w w Y 997,034 Y e Y Y Y Y w w 11383,648 11880,880 1 11855,890 11838,040 Expenditures.# Y w w w e w Y w e w r e 4480 Fees for service _ 1 542 0 0 0 0 4761 Bond issuance costs 0 0 15,000 0 0 0 4930 Investment management fees 12,518 151706 31000 2 f 140 3 3 f 860 4950 Administrative charges- General Fund 0 180,030 91,740 Y m Y w w e w w w 82,530 m w Y Y m Y w w Y w e 89,550 w w w Y m Y w w Y e w w w 88,020 Y e e Y w w w m Y w w Total expenditures m m e w w w w w w e 14,428 YoYYYmwwYY m Y Y Y Y w w w w wao. 196,2'18 YwewYYeweYr w m r 109,740 mYYmYwwwYYYw 84,670 mew YYYSOYmYr 93,520 Yepw YwewYwYwas 92,770 axaYw Excess revenue (expenditures) 982, 606 1,187, 370 11771,140 1 11762,370 1 Other financing sources (uses). Y w Y Y w w Y e w o o w w w e w r w Y w m w w w w w Y r w w Bond proceeds 0 0 3 0 3 0 Operating transfers out to debt service funds: 1986 Tax Increment Bonds 0 0 (348,150) (348,150) (332,590) (332,590) 1989 Taxable 'Tax Increment Bonds 0 0 (44,660) (44,660) (47,800) (47,800) 1989 Tax - Exempt Tax Increment. Bonds 0 0 (100,970) (100,970) (112,940) (112,940) 1992 Tax Increment Bonds 0 0 0 0 owewwYwwww111! (550,000) aewwYwYYYwww wwwwYeYemeYm 0 Net increase (decrease) in wYwYYwYwwr ewwwmwYmwwY mwwYmYYrwYeY fund balance 982,606 1 f 187 f 370 4 f 277 f 360 1 f 10°1 f 090 3 f 939 f 040 1 f 251 f 940 Fund balance w January 1 1 2 924,101 4 1 11188,880 Residual equity transfers too Community Center Project Fund 0 0 0 0 0 (21440,000) Park Development Fund 0 0 (5 (3,802,690) (5 0 Street Aid Fund 0 0 0 (264,885) 0 0 Fund balance Y December 31 m w r o w o wig Y e $2,961 w w m Y w Y w e e r e $4,149 w Y o e w o w e w w w Y $5,961 m e w o Y m e e w w Y $1,188 w w e o o w w Y Y Y w e w ($561517) w o w Y m w w r w Y w $820 Exhibit E Page 1 of 3 RESOLUTION ADOPTING A BUDGET FOR 1993 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MAPLEWOOD, NUNNESOTA that a budget for 1993 is hereby adopted as outlined in the following summary: BE IT FURTHER RESOLVED that the following appropriations are hereby approved for the 1993 Operating Budget: GENERAL FUND: HYDRANT CHARGE FUND: DENTAL SELF - INSURANCE FUND: RECYCLING FUND: $ 1 415,340 390,100 4,585,130 1,731,160 961,170 608 3 590 $10,253,650 General Government Finance City Clerk Public Safety Public Works Parks and Recreation Community Development GENERAL FUND TOTAL 170,340 Public Works 52 9 710 General Government 186,610 Community Development RECREATION PROGRAM FUND: 291,710 Parks and Recreation SEWER FUND: 248 City Clerk 2 Public Works V.E.M. FUND: 388 Public Works CAPITAL DEBT OPERATING IMPROVEMENTS SERVICE BUDGET BUDGET BUDGET Estimated Balances 01/01/93 $ 7 $1 $2 Revenues 16, 853, 825 2 1 Net other increases (decreases) 179 6, 682,620 1,100, 590 Expenditures 16 6,104,530 4,000 Estimated Balances 12/31/93 $ 8 $4 $1 BE IT FURTHER RESOLVED that the following appropriations are hereby approved for the 1993 Operating Budget: GENERAL FUND: HYDRANT CHARGE FUND: DENTAL SELF - INSURANCE FUND: RECYCLING FUND: $ 1 415,340 390,100 4,585,130 1,731,160 961,170 608 3 590 $10,253,650 General Government Finance City Clerk Public Safety Public Works Parks and Recreation Community Development GENERAL FUND TOTAL 170,340 Public Works 52 9 710 General Government 186,610 Community Development RECREATION PROGRAM FUND: 291,710 Parks and Recreation SEWER FUND: 248 City Clerk 2 Public Works V.E.M. FUND: 388 Public Works Exhibit E Page 2 of 3 DATA PROCESSING FUND: PAYROLL BENEFITS FUND: 228 General Government 2,024,430 General Government $16 TOTAL OPERATING BUDGET APPROPRIATIONS BE IT FURTHER RESOLVED that the following appropriations are hereby approved for the 1993 Capital Improvements Budget: CAPITAL IMPROVEMENTS PROJECT FUND $ 293 PARK DEVELOPMENT FUND 162 STREET CONSTRUCTION STATE AID FUND 87,390 WATER AVAILABILITY CHARGE ST. PAUL 3 9 000 WATER AVAILABILITY CHARGE -- NO. ST. PAUL 40 TAX INCREMENT FUND 92 COMMUNITY CENTER PROJECT FUND 4 PUBLIC IMPROVEMENT PROJECTS 725 TOTAL CAPITAL IMPROVEMENTS BUDGET APPROPRIATIONS $6 BE IT FURTHER RESOLVED that the Finance Director shall establish a budget for each public improvement project when the Council orders the project and that the budget amounts shall be recorded at amounts specified in the feasibility study for the project. BE IT FURTHER RESOLVED that the following appropriations are hereby approved for the 1993 Debt Service Budget: $2,285,000 Principal L692 Interest 6 Paying Agent Fees 1 Interest Interfund Loans 14,200 Investment Management Fee $4 9 000 9 830 TOTAL DEBT SERVICE BUDGET APPROPRIATIONS Exhibit E Page 3 of 3 BE IT FURTHER RESOLVED that the above budgets for Governmental Funds are hereby adopted for financial reporting and management control. BE IT FURTHER RESOLVED that the above budgets for all other funds are hereby adopted for management purposes only. BE IT FURTHER RESOLVED that the transfer of appropriations among the various accounts within a department budget or within a non- departmental expense category, within a fund, shall only require the approval of the City Manager, BE IT FURTHER RESOLVED that all appropriations which are not encumbered or expended at the end of the fiscal year shall lapse and shall become part of the unencumbered fund balance which may be appropriated for the next fiscal year except appropriations for capital improvement projects which shall not lapse until the project is completed or canceled by the City Council. wAagn\AdvptBud.93 AGENDA NO. E"* /'"* e . Action by Council: AGENDA REPORT Endorse Modified Re j eoted. TO: City Manager er Dat e FROM: Finance Director 4&.-ee� RE: RESOLUTION LEVYING PROPERTY TAXES PAYABLE IN 1993 DATE: December 4, 1992 After the public hearing is held, a resolution needs to be approved that will levy property taxes for 1992 payable in 1993. It is recommended that the attached resolution be adopted which will levy the same amount as the proposed levy approved by the Council on September 10, 1992. lz W:\agn\PropTx.93 Attachment RESOLUTION CERTIFYING TAXES PAYABLE IN 1993 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MAPLEWOOD, MINNESOTA that: 1. The following amounts of taxes be levied for 1992, payable in 1993, upon the taxable property in said City of Maplewood, for the following purposes: Operations $6,592,100 Debt Service 823,100 TOTAL LEVY $7,415,200 2. There is on hand in the following sinking funds excess amounts as indicated after each fund and such shall be used to pay on the appropriate obligations of the City: DESCRIPTION 1973 General Obligation Improvement Bonds $91 1974 Refunding Bonds 7 1977 General Obligation Improvement Bonds: Series 1 5 1977 General Obligation Improvement Bonds: Series 2 351 1988 General Obligation Improvement Bonds 359 1989 General Obligation Improvement Bonds 4,070 1989 Tax Exempt Tax Increment Bonds 8700 1990 General Obligation Improvement Bonds 175 290 TOTAL $100,961 In accordance with Minnesota. Statues 475.61 and 273.13, Subd. 19 (3), (a), (b), (c), and Chapter 297a and Chapter 162 of Minnesota Statues, the County Auditor of Ramsey County is hereby authorized and directed to reduce by the amounts above mentioned the tax that would otherwise be included in the rolls for the Year 1992 and collectible in 1993. 3. It has been determined that the following sinking funds have insufficient projected assets to meet projected liabilities, as required by State Statute, and original resolution levying ad- valorem taxes must be increased by the following amounts: 1967 General Obligation Sanitary Sewer Bonds $ 10,100 1977 Refunding Bonds 100,100 1977 Public Works Building Bonds 500 1979 General Obligation Improvement Bonds 100 1991 General Obligation Improvement Bonds: Series 1 51,077 1991 General Obligation Capital Notes 13.752 TOTAL $175 4. Changes set forth in sections two (2) and three (3) above result in a net reduction in $905,332 in the scheduled levy of $1,728,432. lZ W:agn\PropTx.93