New Hope Looking at a 7% Tax Increase

September 9, 2015 at 7:49 am Leave a comment

By Andrew Richter

Well, good old 5-0 New Hope is getting ready for another tax increase;

The City Council reviewed the 2016 New Hope preliminary budget and tax levy at its work session on August 17. The 2016 preliminary general fund budget is $12,865,300, which is an increase of $798,669 over 2015. The total preliminary tax levy is $10,813,014, which is a $710,847 or 7.04% increase over 2015. The estimated overall impact of the city tax levy on residential properties ranges from $52 to $96 per year for market values between $150,000 and $250,000. The total preliminary tax levy includes $8,898,654 for the general fund, which is an increase of $633,244, or 7.6% over 2015.The preliminary levy also includes 3% increases in both the street and park infrastructure levies to provide additional funding for street and park improvements. And, the city will begin to pay off the debt for City Center streetscape improvements. The major proposed increases in the general fund budget include approximately $435,000 for wage and benefit increases, increases of about $180,000 in central garage equipment replacement and $41,000 in central garage operations, $107,000 to fund a third police investigator, $41,000 to fund elections, and an additional $25,000 for the cityʹs Emerald Ash Borer Program. The city is scheduled to receive $616,161 in local government aid (LGA) in 2016. That revenue will be utilized in the general fund to help offset central garage equipment replacement costs. It will not be used to fund general city operations. The City Council will continue to review the 2016 preliminary budget and plans to approve a maximum tax levy on September 14 that will be certified to Hennepin County. The Council will continue to refine the budget and levy over the next few months. The proposed budget and tax levy will be presented at a public hearing on November 30. The final 2016 budget and tax levy will be adopted in December.

Look at all those new ideas!!! Anyone want to bet this budget passes 5-0??


Entry filed under: City Government, Community, New Hope, Taxation. Tags: , , , , .

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