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HomeMy Public PortalAbout08.16.2022 Work Session Packet Posted 5/29/2009 Page 1 of 1 WORK SESSION AGENDA MEDINA CITY COUNCIL Tuesday, August 16, 2022 6:00 P.M. Medina City Hall 2052 County Road 24 I. Call to Order II. 2023 Budget Discussion III. Adjourn Posted 8.12.2022 MEMORANDUM TO: Mayor and City Council Members FROM: Erin Barnhart, Finance Director DATE: August 10, 2022 SUBJ: 2023 Preliminary Tax Levy General Fund Since the previous budget work session on July 19th, all projected 2023 contracted fire services budgets have been received. • Fire Operations - $34,833 increase – attachment A, Ln 25 Debt Service & Capital Levies CR 116/TH 55 Right of Way payment to Hennepin County – projected over seven years. • Addition of Capital Road Fund Levy - $61,000 – attachment C, ln 24 Property Tax Levy Preliminary calculations from Hennepin County estimate a 18.9% market value increase and a 19.8% tax capacity increase. Of the market value increase, 2.5% is attributed to new development and tax base growth from 2021. At the conclusion of the July 19th budget work session, it was requested to keep the projected 2023 tax rate flat and allocate any excess funds to the future fire facility fund. Option #1 below reflects those calculations. Option #1 – Flat Tax Rate • Transfer of $437,472 to the Fire Facility Fund - attachment Option #1–A, ln 37 • Overall tax levy increase of $1,023,549, a 20.6% from 2022 - attachment Option #1-C, ln 31 • Preliminary 2023 tax rate: 22.596%; a 0.0% increase from 2022 – attachment Option #1-D/E, ln 1 Option #2 – Decrease Tax Rate • Transfer of $200,000 to the Fire Facility Fund - attachment Option #2–A, ln 37 • Overall tax levy increase of $786,077, a 15.8% from 2022 - attachment Option #1–C, ln 31 • Preliminary 2023 tax rate: 21.685%; a 4.0% decrease from 2022 - attachment Option #2-D/E, ln 1 Questions/Comments • Direct Staff which option to proceed with for Preliminary Budget Certification meeting on September 6, 2022. Work Session II Sept. 6, 2022 Nov. 2022 TNT = Truth in Taxation Dec. 6, 2022 Tax Levy Timeline 1 CITY OF MEDINA GENERAL FUND PRELIMINARY 2023 BUDGET 2023 Amount Percentage 2020 2020 2021 2021 2022 2022 Prelim Increase Increase Budget Actual Budget Actual Budget YTD Budget (Decrease) (Decrease) REVENUES & OTHER FINANCING SOURCES: 1 Property Tax Levy 3,434,452 3,344,141 3,731,800 3,620,188 4,147,600 1,900,000 5,093,700 946,100 22.8% 2 Other Taxes 75,000 91,711 75,000 104,420 85,000 0 75,000 (10,000)-11.8% 3 Licenses and Permits 390,669 717,380 391,269 776,618 492,500 374,806 509,400 16,900 3.4% 4 Intergovernmental 288,773 824,640 288,773 700,634 303,773 89,643 283,000 (20,773)-6.8% 5 Charges for Services 138,087 99,332 141,254 148,867 143,074 99,957 147,871 4,797 3.4% 6 Fines and Forfeitures 95,000 77,157 95,000 63,903 95,000 29,609 55,000 (40,000)-42.1% 7 Special Assessments 0439032000 0N/A 8 Miscellaneous 164,359 303,106 131,875 54,835 240,881 233,413 122,018 (118,863)-49.3% 9 Sale of Assets 0000000 0N/A 10 Transfers In 220,784 220,784 227,409 272,409 234,230 279,230 286,257 52,027 22.2% 11 Total Revenues & Other Financing Sources 4,807,124 5,678,690 5,082,380 5,741,908 5,742,058 3,006,659 6,572,246 830,188 14.5% EXPENDITURES & OTHER FINANCING USES: General Government: 12 Mayor & Council 25,544 25,525 25,544 26,575 25,544 14,341 25,544 (0)0.0% 13 Administration 662,230 667,970 664,268 644,691 691,552 322,050 811,719 120,167 17.4% 14 Elections 15,400 34,817 15,400 364 24,617 2,200 24,692 75 0.3% 15 Assessing 98,065 104,750 104,315 102,018 172,499 59,318 172,500 1 0.0% 16 Planning & Zoning 191,032 162,923 191,094 181,960 206,624 101,229 215,005 8,381 4.1% 17 Comprehensive Plan 8,000 0 8,000 0 8,000 0 8,000 0 0.0% 18 Data Processing 88,704 87,517 90,704 92,164 101,000 59,271 104,000 3,000 3.0% 19 Police/Public Works Facility 77,500 77,527 79,500 61,394 87,800 50,930 89,300 1,500 1.7% 20 Municipal Building 61,000 44,012 58,800 42,775 56,400 23,052 59,800 3,400 6.0% 21 Unallocated 0 0 0 0 0 0 0 0 N/A 22 Total General Government 1,227,475 1,205,040 1,237,625 1,151,941 1,374,036 632,390 1,510,559 136,523 9.9% Public Safety: 23 Police 1,737,110 1,818,689 1,849,789 1,872,072 2,023,300 1,019,483 2,266,406 243,106 12.0% 24 Police Records Management 13,500 9,142 13,500 9,599 14,200 10,079 10,250 (3,950)-27.8% 25 Fire 419,111 453,225 408,130 422,483 441,448 205,631 476,281 34,833 7.9% 26 Building Inspections 330,664 425,195 329,479 458,271 441,953 61,633 485,141 43,188 9.8% 27 Emergency Management 5,800 146,986 5,800 6,574 6,050 3,757 6,250 200 3.3% 28 Total Public Safety 2,506,185 2,853,237 2,606,698 2,769,000 2,926,951 1,300,582 3,244,327 317,376 10.8% Public Works: 29 Public Works 751,401 640,113 743,356 614,492 793,620 325,242 843,020 49,400 6.2% 30 Sanitation & Recycling 26,001 13,798 26,539 14,601 25,322 2,914 24,074 (1,248)-4.9% 31 Total Public Works 777,402 653,911 769,895 629,093 818,942 328,156 867,095 48,152 5.9% Parks & Recreation: 32 Community Building 41,808 28,494 42,076 42,242 40,035 19,895 43,512 3,477 8.7% 33 Parks 193,373 176,663 186,341 185,588 231,241 67,195 253,655 22,414 9.7% 34 Total Parks & Recreation 235,181 205,156 228,417 227,831 271,276 87,090 297,167 25,891 9.5% Economic Development Housing 56,880 0 57,010 0 57,907 0 57,907 0 0.0% 35 Transfers Out 4,000 4,000 4,000 504,000 147,174 147,174 112,718 (34,456)-23.4% 36 Reserves 0 0 178,734 0 0 0 45,000 45,000 N/A 37 Transfer to Fire Facility 0 0 0 0 145,771 145,771 437,472 291,701 200.1% Total Transfers 4,000 4,000 182,734 504,000 292,945 292,945 595,190 302,245 103.2% 38 Total Expenditures & Other Financing Uses 4,807,123 4,921,344 5,082,379 5,281,864 5,742,058 2,641,163 6,572,246 830,188 14.5% EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) 39 EXPENDITURES AND OTHER FINANCING USES 1 757,346 1 460,044 (1)365,495 0 0 -130.7% 2 Option #1 - A City of Medina 2023 Property Tax Levy Scenario Summary Actual Proposed Pay Pay 2022 2023 Property Tax Information: 1 Estimated Market Value Change (Taxable)N/A 18.9% 2 Estimated Tax Capacity Change (Taxable)N/A 19.8% 3 4 General Fund Levy $4,147,600 $5,093,700 5 % Change N/A 22.8% 6 7 Debt Service & Capital Levies $832,997 $910,446 8 % Change N/A 9.3% 9 10 Total Levy $4,980,597 $6,004,146 11 % Change N/A 20.6% 12 13 City Local Tax Capacity Rate 22.596% 22.596% 14 % Change N/A 0.0% 15 16 17 Estimated Property Taxes: 18 19 $700,000 Home With No Market Value Change $1,695 $1,695 20 % Change N/A 0.0% 21 22 $700,000 Home With 16.5% Market Value Increase $1,695 $2,021 23 % Change N/A 19.3% 24 25 $5,000,000 C/I Property With No Market Value Change $22,257 $22,154 26 % Change N/A -0.5% 27 28 $5,000,000 C/I Property With 16.5% Market Value Increase $22,257 $25,985 29 % Change N/A 16.7% 3 Option #1 - B City of Medina Property Tax Levies 2023 Proposed Proposed Amount Percentage Pay Pay Increase Increase 2022 2023 (Decrease) (Decrease) 1 General Fund Levy 3,997,600 4,656,228 658,628 22.4% 2 Future Fire Facility 150,000 437,472 287,472 33.3% 3 Total General Fund Levy 4,147,600 4,856,228 946,100 22.8% 4 5 Debt Service & Capital Levies: 6 7 Public Works and Police Department Facility: 8 9 2012A G.O. Capital Improvement Plan (CIP) Bonds - $6.1 million 216,615 364,791 148,176 68.4% 10 2013A G.O. Refunding Bonds (2007A recharacterized CIP portion)132,479 0 (132,479) -100.0% 11 12 Total Public Works and Police Department Facility 349,094 364,791 15,697 4.5% 13 14 Other Debt Service: 15 16 2011B Taxable G.O. Improvement Bonds - Hunter Drive North 0 0 0 N/A 17 2015A G.O. Improvement Bonds - Tower Drive 59,403 60,155 752 1.3% 18 19 Total Other Debt Service 59,403 60,155 752 1.3% 20 21 Capital Levies: 22 23 Municipal Park Fund Levy 112,000 112,000 0 0.0% 24 Capital Road Fund Levy 0 61,000 61,000 N/A 25 Capital Equipment Fund Levy 312,500 312,500 0 0.0% 26 27 Total Capital Levies 424,500 485,500 61,000 14.4% 28 29 Total Debt Service & Capital Levies 832,997 910,446 77,449 9.3% 30 31 Total Levies 4,980,597 6,004,146 1,023,549 20.6% 4 Option #1 - C City of Medina 2023 Proposed Property Tax Scenario Residential Homesteads 2022 2023 2022-2023 Budget Proposed Change 1 City Tax Rate:22.596%22.596%0.0% 2 3 General Fund Levy:$4,147,600 $5,093,700 $946,100 4 5 Debt Service & Capital Levies:$832,997 $910,446 $77,449 6 7 Total Levy:$4,980,597 $6,004,146 $1,023,549 8 9 Change in Total Levy:20.6% 10 11 2022 CITY PROPERTY TAXES 12 13 Homestead City Local City 14 Market Market Value Tax Tax Capacity Property 15 Value Exclusion Capacity Rate Taxes 16 2022 2022 2022 2022 2022 17 18 $100,000 ($28,200)$718 22.596%$162 19 $200,000 ($19,200)$1,808 22.596%$409 20 $300,000 ($10,200)$2,898 22.596%$655 21 $400,000 ($1,200)$3,988 22.596%$901 22 $500,000 $0 $5,000 22.596%$1,130 23 $600,000 $0 $6,250 22.596%$1,412 24 $700,000 $0 $7,500 22.596%$1,695 25 $800,000 $0 $8,750 22.596%$1,977 26 $900,000 $0 $10,000 22.596%$2,260 27 $1,000,000 $0 $11,250 22.596%$2,542 28 29 2023 CITY PROPERTY TAXES (WITH NO MARKET VALUE CHANGE) 30 31 Market Homestead City Local City Property Percentage 32 Value Market Value Tax Tax Capacity Property Taxes Tax 33 2021 Exclusion Capacity Rate Taxes Increase Increase 34 NO CHANGE 2023 2023 2023 2023 (Decrease)(Decrease) 35 36 $100,000 ($28,200)$718 22.596%$162 ($0)0.0% 37 $200,000 ($19,200)$1,808 22.596%$409 ($0)0.0% 38 $300,000 ($10,200)$2,898 22.596%$655 ($0)0.0% 39 $400,000 ($1,200)$3,988 22.596%$901 ($0)0.0% 40 $500,000 $0 $5,000 22.596%$1,130 ($0)0.0% 41 $600,000 $0 $6,250 22.596%$1,412 ($0)0.0% 42 $700,000 $0 $7,500 22.596%$1,695 ($0)0.0% 43 $800,000 $0 $8,750 22.596%$1,977 ($0)0.0% 44 $900,000 $0 $10,000 22.596%$2,260 ($0)0.0% 45 $1,000,000 $0 $11,250 22.596%$2,542 ($0)0.0% 46 47 2023 CITY PROPERTY TAXES (WITH MARKET VALUE INCREASE) 48 49 Market 50 Value Homestead City Local City Property Percentage 51 2021 Market Value Tax Tax Capacity Property Taxes Tax 52 INCREASE OF Exclusion Capacity Rate Taxes Increase Increase 53 16.5%2023 2023 2023 2023 (Decrease)(Decrease) 54 55 $116,500 ($26,800)$897 22.596%$203 $40 24.9% 56 $233,000 ($16,300)$2,167 22.596%$490 $81 19.9% 57 $349,500 ($5,800)$3,437 22.596%$777 $122 18.6% 58 $466,000 $0 $4,660 22.596%$1,053 $152 16.8% 59 $582,500 $0 $6,031 22.596%$1,363 $233 20.6% 60 $699,000 $0 $7,488 22.596%$1,692 $280 19.8% 61 $815,500 $0 $8,944 22.596%$2,021 $326 19.3% 62 $932,000 $0 $10,400 22.596%$2,350 $373 18.9% 63 $1,048,500 $0 $11,856 22.596%$2,679 $419 18.6% 64 $1,165,000 $0 $13,313 22.596%$3,008 $466 18.3% 65 66 2023 CITY PROPERTY TAXES (WITH MARKET VALUE INCREASE) 67 68 Market 69 Value Homestead City Local City Property Percentage 70 2021 Market Value Tax Tax Capacity Property Taxes Tax 71 INCREASE OF Exclusion Capacity Rate Taxes Increase Increase 72 18.9%2023 2023 2023 2023 (Decrease)(Decrease) 73 74 $118,900 ($26,500)$924 22.596%$209 $47 28.7% 75 $237,800 ($15,800)$2,220 22.596%$502 $93 22.8% 76 $356,700 ($5,100)$3,516 22.596%$794 $140 21.3% 77 $475,600 $0 $4,756 22.596%$1,075 $174 19.3% 78 $594,500 $0 $6,181 22.596%$1,397 $267 23.6% 79 $713,400 $0 $7,668 22.596%$1,733 $320 22.7% 80 $832,300 $0 $9,154 22.596%$2,068 $374 22.1% 81 $951,200 $0 $10,640 22.596%$2,404 $427 21.6% 82 $1,070,100 $0 $12,126 22.596%$2,740 $480 21.3% 83 $1,189,000 $0 $13,613 22.596%$3,076 $534 21.0% 5 Option #1 - D City of Medina 2023 Proposed Property Tax Scenario Commercial/Industrial Properties 2022 2023 2022-2023 Budget Budget Change 1 City Tax Rate:22.596%22.596%0.0% 2 3 General Fund Levy:$4,147,600 $5,093,700 $946,100 4 5 Debt Service & Capital Levies:$832,997 $910,446 $77,449 6 7 Total Levy:$4,980,597 $6,004,146 $1,023,549 8 9 Change in Total Levy:20.6% 10 11 2022 CITY PROPERTY TAXES 12 13 City Local City 14 Market Tax Tax Capacity Property 15 Value Capacity Rate Taxes 16 2022 2022 Pay 2022 2021 17 18 $1,000,000 $18,500 22.596%$4,180 19 $2,000,000 $38,500 22.596%$8,700 20 $3,000,000 $58,500 22.596%$13,219 21 $4,000,000 $78,500 22.596%$17,739 22 $5,000,000 $98,500 22.596%$22,257 23 $6,000,000 $118,500 22.596%$26,777 24 $7,000,000 $138,500 22.596%$31,296 25 $8,000,000 $158,500 22.596%$35,815 26 $9,000,000 $178,500 22.596%$40,334 27 $10,000,000 $198,500 22.596%$44,854 28 29 2023 CITY PROPERTY TAXES (WITH NO MARKET VALUE CHANGE) 30 31 Market City Local City Property Percentage 32 Value Tax Tax Capacity Property Taxes Tax 33 2022 Capacity Rate Taxes Increase Increase 34 NO CHANGE 2023 Pay 2023 2023 (Decrease)(Decrease) 35 36 $1,000,000 $18,500 22.596%$4,180 ($0)0.0% 37 $2,000,000 $38,500 22.596%$8,699 ($0)0.0% 38 $3,000,000 $58,500 22.596%$13,219 ($0)0.0% 39 $4,000,000 $78,500 22.596%$17,738 $0 N/A 40 $5,000,000 $98,500 22.596%$22,154 ($103)-0.5% 41 $6,000,000 $118,500 22.596%$26,653 ($124)-0.5% 42 $7,000,000 $138,500 22.596%$31,151 ($145)-0.5% 43 $8,000,000 $158,500 22.596%$35,649 ($166)-0.5% 44 $9,000,000 $178,500 22.596%$40,148 ($187)-0.5% 45 $10,000,000 $198,500 22.596%$44,646 ($208)-0.5% 46 47 2023 CITY PROPERTY TAXES (WITH MARKET VALUE INCREASE) 48 49 Market 50 Value City Local City Property Percentage 51 2022 Tax Tax Capacity Property Taxes Tax 52 INCREASE OF Capacity Rate Taxes Increase Increase 53 16.5%2023 Pay 2023 2023 (Decrease)(Decrease) 54 55 $1,165,000 $21,800 22.596%$4,926 $746 17.8% 56 $2,330,000 $45,100 22.596%$10,191 $1,491 17.1% 57 $3,495,000 $68,400 22.596%$15,456 $2,237 16.9% 58 $4,660,000 $91,700 22.596%$20,720 $2,981 16.8% 59 $5,825,000 $115,000 22.596%$25,985 $3,728 16.7% 60 $6,990,000 $138,300 22.596%$31,250 $4,474 16.7% 61 $8,155,000 $161,600 22.596%$36,515 $5,219 16.7% 62 $9,320,000 $184,900 22.596%$41,780 $5,965 16.7% 63 $10,485,000 $208,200 22.596%$47,045 $6,710 16.6% 64 $11,650,000 $231,500 22.596%$52,310 $7,456 16.6% 65 66 2023 CITY PROPERTY TAXES (WITH MARKET VALUE INCREASE) 67 68 Market 69 Value City Local City Property Percentage 70 2022 Tax Tax Capacity Property Taxes Tax 71 INCREASE OF Capacity Rate Taxes Increase Increase 72 18.9%2023 Pay 2023 2023 (Decrease)(Decrease) 73 74 $1,189,000 $22,280 22.596%$5,034 $854 20.4% 75 $2,378,000 $46,060 22.596%$10,408 $1,708 19.6% 76 $3,567,000 $69,840 22.596%$15,781 $2,562 19.4% 77 $4,756,000 $93,620 22.596%$21,154 $3,415 19.3% 78 $5,945,000 $117,400 22.596%$26,528 $4,270 19.2% 79 $7,134,000 $141,180 22.596%$31,901 $5,124 19.1% 80 $8,323,000 $164,960 22.596%$37,274 $5,978 19.1% 81 $9,512,000 $188,740 22.596%$42,648 $6,832 19.1% 82 $10,701,000 $212,520 22.596%$48,021 $7,686 19.1% 83 $11,890,000 $236,300 22.596%$53,394 $8,540 19.0% 6 Option #1 - E CITY OF MEDINA GENERAL FUND PRELIMINARY 2023 BUDGET 2023 Amount Percentage 2020 2020 2021 2021 2022 2022 Prelim Increase Increase Budget Actual Budget Actual Budget YTD Budget (Decrease) (Decrease) REVENUES & OTHER FINANCING SOURCES: 1 Property Tax Levy 3,434,452 3,344,141 3,731,800 3,620,188 4,147,600 1,900,000 4,856,228 708,628 17.1% 2 Other Taxes 75,000 91,711 75,000 104,420 85,000 0 75,000 (10,000)-11.8% 3 Licenses and Permits 390,669 717,380 391,269 776,618 492,500 374,806 509,400 16,900 3.4% 4 Intergovernmental 288,773 824,640 288,773 700,634 303,773 89,643 283,000 (20,773)-6.8% 5 Charges for Services 138,087 99,332 141,254 148,867 143,074 99,957 147,871 4,797 3.4% 6 Fines and Forfeitures 95,000 77,157 95,000 63,903 95,000 29,609 55,000 (40,000)-42.1% 7 Special Assessments 0439032000 0N/A 8 Miscellaneous 164,359 303,106 131,875 54,835 240,881 233,413 122,018 (118,863)-49.3% 9 Sale of Assets 0000000 0N/A 10 Transfers In 220,784 220,784 227,409 272,409 234,230 279,230 286,257 52,027 22.2% 11 Total Revenues & Other Financing Sources 4,807,124 5,678,690 5,082,380 5,741,908 5,742,058 3,006,659 6,334,774 592,716 10.3% EXPENDITURES & OTHER FINANCING USES: General Government: 12 Mayor & Council 25,544 25,525 25,544 26,575 25,544 14,341 25,544 (0)0.0% 13 Administration 662,230 667,970 664,268 644,691 691,552 322,050 811,719 120,167 17.4% 14 Elections 15,400 34,817 15,400 364 24,617 2,200 24,692 75 0.3% 15 Assessing 98,065 104,750 104,315 102,018 172,499 59,318 172,500 1 0.0% 16 Planning & Zoning 191,032 162,923 191,094 181,960 206,624 101,229 215,005 8,381 4.1% 17 Comprehensive Plan 8,000 0 8,000 0 8,000 0 8,000 0 0.0% 18 Data Processing 88,704 87,517 90,704 92,164 101,000 59,271 104,000 3,000 3.0% 19 Police/Public Works Facility 77,500 77,527 79,500 61,394 87,800 50,930 89,300 1,500 1.7% 20 Municipal Building 61,000 44,012 58,800 42,775 56,400 23,052 59,800 3,400 6.0% 21 Unallocated 0 0 0 0 0 0 0 0 N/A 22 Total General Government 1,227,475 1,205,040 1,237,625 1,151,941 1,374,036 632,390 1,510,559 136,523 9.9% Public Safety: 23 Police 1,737,110 1,818,689 1,849,789 1,872,072 2,023,300 1,019,483 2,266,406 243,106 12.0% 24 Police Records Management 13,500 9,142 13,500 9,599 14,200 10,079 10,250 (3,950)-27.8% 25 Fire 419,111 453,225 408,130 422,483 441,448 205,631 476,281 34,833 7.9% 26 Building Inspections 330,664 425,195 329,479 458,271 441,953 61,633 485,141 43,188 9.8% 27 Emergency Management 5,800 146,986 5,800 6,574 6,050 3,757 6,250 200 3.3% 28 Total Public Safety 2,506,185 2,853,237 2,606,698 2,769,000 2,926,951 1,300,582 3,244,327 317,376 10.8% Public Works: 29 Public Works 751,401 640,113 743,356 614,492 793,620 325,242 843,020 49,400 6.2% 30 Sanitation & Recycling 26,001 13,798 26,539 14,601 25,322 2,914 24,074 (1,248)-4.9% 31 Total Public Works 777,402 653,911 769,895 629,093 818,942 328,156 867,095 48,152 5.9% Parks & Recreation: 32 Community Building 41,808 28,494 42,076 42,242 40,035 19,895 43,512 3,477 8.7% 33 Parks 193,373 176,663 186,341 185,588 231,241 67,195 253,655 22,414 9.7% 34 Total Parks & Recreation 235,181 205,156 228,417 227,831 271,276 87,090 297,167 25,891 9.5% Economic Development Housing 56,880 0 57,010 0 57,907 0 57,907 0 0.0% 35 Transfers Out 4,000 4,000 4,000 504,000 147,174 147,174 112,718 (34,456)-23.4% 36 Reserves 0 0 178,734 0 0 0 45,000 45,000 N/A 37 Transfer to Fire Facility 0 0 0 0 145,771 145,771 200,000 54,229 37.2% Total Transfers 4,000 4,000 182,734 504,000 292,945 292,945 357,718 64,773 22.1% 38 Total Expenditures & Other Financing Uses 4,807,123 4,921,344 5,082,379 5,281,864 5,742,058 2,641,163 6,334,774 592,716 10.3% EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER (UNDER) 39 EXPENDITURES AND OTHER FINANCING USES 1 757,346 1 460,044 (1)365,495 0 0 -130.7% 7 Option #2 - A City of Medina 2023 Property Tax Levy Scenario Summary Actual Proposed Pay Pay 2022 2023 Property Tax Information: 1 Estimated Market Value Change (Taxable)N/A 18.9% 2 Estimated Tax Capacity Change (Taxable)N/A 19.8% 3 4 General Fund Levy $4,147,600 $4,856,228 5 % Change N/A 17.1% 6 7 Debt Service & Capital Levies $832,997 $910,446 8 % Change N/A 9.3% 9 10 Total Levy $4,980,597 $5,766,674 11 % Change N/A 15.8% 12 13 City Local Tax Capacity Rate 22.596% 21.685% 14 % Change N/A -4.0% 15 16 17 Estimated Property Taxes: 18 19 $700,000 Home With No Market Value Change $1,695 $1,626 20 % Change N/A -4.0% 21 22 $700,000 Home With 16.5% Market Value Increase $1,695 $1,940 23 % Change N/A 14.4% 24 25 $5,000,000 C/I Property With No Market Value Change $22,257 $22,154 26 % Change N/A -0.5% 27 28 $5,000,000 C/I Property With 16.5% Market Value Increase $22,257 $24,938 29 % Change N/A 12.0% 8 Option #2 - B City of Medina Property Tax Levies 2023 Proposed Proposed Amount Percentage Pay Pay Increase Increase 2022 2023 (Decrease) (Decrease) 1 General Fund Levy 3,997,600 4,656,228 658,628 16.5% 2 Future Fire Facility 150,000 200,000 50,000 33.3% 3 Total General Fund Levy 4,147,600 4,856,228 708,628 17.1% 4 5 Debt Service & Capital Levies: 6 7 Public Works and Police Department Facility: 8 9 2012A G.O. Capital Improvement Plan (CIP) Bonds - $6.1 million 216,615 364,791 148,176 68.4% 10 2013A G.O. Refunding Bonds (2007A recharacterized CIP portion)132,479 0 (132,479) -100.0% 11 12 Total Public Works and Police Department Facility 349,094 364,791 15,697 4.5% 13 14 Other Debt Service: 15 16 2011B Taxable G.O. Improvement Bonds - Hunter Drive North 0 0 0 N/A 17 2015A G.O. Improvement Bonds - Tower Drive 59,403 60,155 752 1.3% 18 19 Total Other Debt Service 59,403 60,155 752 1.3% 20 21 Capital Levies: 22 23 Municipal Park Fund Levy 112,000 112,000 0 0.0% 24 Capital Road Fund Levy 0 61,000 61,000 N/A 25 Capital Equipment Fund Levy 312,500 312,500 0 0.0% 26 27 Total Capital Levies 424,500 485,500 61,000 14.4% 28 29 Total Debt Service & Capital Levies 832,997 910,446 77,449 9.3% 30 31 Total Levies 4,980,597 5,766,674 786,077 15.8% 9 Option #2 - C City of Medina 2023 Proposed Property Tax Scenario Residential Homesteads 2022 2023 2022-2023 Budget Proposed Change 1 City Tax Rate:22.596%21.685%-4.0% 2 3 General Fund Levy:$4,147,600 $4,856,228 $708,628 4 5 Debt Service & Capital Levies:$832,997 $910,446 $77,449 6 7 Total Levy:$4,980,597 $5,766,674 $786,077 8 9 Change in Total Levy:15.8% 10 11 2022 CITY PROPERTY TAXES 12 13 Homestead City Local City 14 Market Market Value Tax Tax Capacity Property 15 Value Exclusion Capacity Rate Taxes 16 2022 2022 2022 2022 2022 17 18 $100,000 ($28,200) $718 22.596% $162 19 $200,000 ($19,200) $1,808 22.596% $409 20 $300,000 ($10,200) $2,898 22.596% $655 21 $400,000 ($1,200) $3,988 22.596% $901 22 $500,000 $0 $5,000 22.596% $1,130 23 $600,000 $0 $6,250 22.596% $1,412 24 $700,000 $0 $7,500 22.596% $1,695 25 $800,000 $0 $8,750 22.596% $1,977 26 $900,000 $0 $10,000 22.596% $2,260 27 $1,000,000 $0 $11,250 22.596% $2,542 28 29 2023 CITY PROPERTY TAXES (WITH NO MARKET VALUE CHANGE) 30 31 Market Homestead City Local City Property Percentage 32 Value Market Value Tax Tax Capacity Property Taxes Tax 33 2021 Exclusion Capacity Rate Taxes Increase Increase 34 NO CHANGE 2023 2023 2023 2023 (Decrease) (Decrease) 35 36 $100,000 ($28,200) $718 21.685% $156 ($7) -4.0% 37 $200,000 ($19,200) $1,808 21.685% $392 ($16) -4.0% 38 $300,000 ($10,200) $2,898 21.685% $628 ($26) -4.0% 39 $400,000 ($1,200) $3,988 21.685% $865 ($36) -4.0% 40 $500,000 $0 $5,000 21.685% $1,084 ($46) -4.0% 41 $600,000 $0 $6,250 21.685% $1,355 ($57) -4.0% 42 $700,000 $0 $7,500 21.685% $1,626 ($68) -4.0% 43 $800,000 $0 $8,750 21.685% $1,897 ($80) -4.0% 44 $900,000 $0 $10,000 21.685% $2,169 ($91) -4.0% 45 $1,000,000 $0 $11,250 21.685% $2,440 ($103) -4.0% 46 47 2023 CITY PROPERTY TAXES (WITH MARKET VALUE INCREASE) 48 49 Market 50 Value Homestead City Local City Property Percentage 51 2021 Market Value Tax Tax Capacity Property Taxes Tax 52 INCREASE OF Exclusion Capacity Rate Taxes Increase Increase 53 16.5%2023 2023 2023 2023 (Decrease) (Decrease) 54 55 $116,500 ($26,800) $897 21.685% $195 $32 19.9% 56 $233,000 ($16,300) $2,167 21.685% $470 $61 15.0% 57 $349,500 ($5,800) $3,437 21.685% $745 $90 13.8% 58 $466,000 $0 $4,660 21.685% $1,011 $109 12.1% 59 $582,500 $0 $6,031 21.685% $1,308 $178 15.8% 60 $699,000 $0 $7,488 21.685% $1,624 $212 15.0% 61 $815,500 $0 $8,944 21.685% $1,940 $245 14.4% 62 $932,000 $0 $10,400 21.685% $2,255 $278 14.1% 63 $1,048,500 $0 $11,856 21.685% $2,571 $311 13.8% 64 $1,165,000 $0 $13,313 21.685% $2,887 $345 13.6% 65 66 2023 CITY PROPERTY TAXES (WITH MARKET VALUE INCREASE) 67 68 Market 69 Value Homestead City Local City Property Percentage 70 2021 Market Value Tax Tax Capacity Property Taxes Tax 71 INCREASE OF Exclusion Capacity Rate Taxes Increase Increase 72 18.9%2023 2023 2023 2023 (Decrease) (Decrease) 73 74 $118,900 ($26,500) $924 21.685% $200 $38 23.5% 75 $237,800 ($15,800) $2,220 21.685% $481 $73 17.8% 76 $356,700 ($5,100) $3,516 21.685% $762 $108 16.4% 77 $475,600 $0 $4,756 21.685% $1,031 $130 14.4% 78 $594,500 $0 $6,181 21.685% $1,340 $211 18.6% 79 $713,400 $0 $7,668 21.685% $1,663 $251 17.7% 80 $832,300 $0 $9,154 21.685% $1,985 $290 17.1% 81 $951,200 $0 $10,640 21.685% $2,307 $330 16.7% 82 $1,070,100 $0 $12,126 21.685% $2,630 $370 16.4% 83 $1,189,000 $0 $13,613 21.685% $2,952 $410 16.1% 10 City of Medina 2023 Proposed Property Tax Scenario Commercial/Industrial Properties 2022 2023 2022-2023 Budget Budget Change 1 City Tax Rate:22.596%21.685%-4.0% 2 3 General Fund Levy:$4,147,600 $4,856,228 $708,628 4 5 Debt Service & Capital Levies:$832,997 $910,446 $77,449 6 7 Total Levy:$4,980,597 $5,766,674 $786,077 8 9 Change in Total Levy:15.8% 10 11 2022 CITY PROPERTY TAXES 12 13 City Local City 14 Market Tax Tax Capacity Property 15 Value Capacity Rate Taxes 16 2022 2022 Pay 2022 2021 17 18 $1,000,000 $18,500 22.596%$4,180 19 $2,000,000 $38,500 22.596%$8,700 20 $3,000,000 $58,500 22.596%$13,219 21 $4,000,000 $78,500 22.596%$17,739 22 $5,000,000 $98,500 22.596%$22,257 23 $6,000,000 $118,500 22.596%$26,777 24 $7,000,000 $138,500 22.596%$31,296 25 $8,000,000 $158,500 22.596%$35,815 26 $9,000,000 $178,500 22.596%$40,334 27 $10,000,000 $198,500 22.596%$44,854 28 29 2023 CITY PROPERTY TAXES (WITH NO MARKET VALUE CHANGE) 30 31 Market City Local City Property Percentage 32 Value Tax Tax Capacity Property Taxes Tax 33 2022 Capacity Rate Taxes Increase Increase 34 NO CHANGE 2023 Pay 2023 2023 (Decrease)(Decrease) 35 36 $1,000,000 $18,500 21.685%$4,012 ($169)-4.0% 37 $2,000,000 $38,500 21.685%$8,349 ($351)-4.0% 38 $3,000,000 $58,500 21.685%$12,686 ($533)-4.0% 39 $4,000,000 $78,500 21.685%$17,023 $0 N/A 40 $5,000,000 $98,500 21.685%$22,154 ($103)-0.5% 41 $6,000,000 $118,500 21.685%$26,653 ($124)-0.5% 42 $7,000,000 $138,500 21.685%$31,151 ($145)-0.5% 43 $8,000,000 $158,500 21.685%$35,649 ($166)-0.5% 44 $9,000,000 $178,500 21.685%$40,148 ($187)-0.5% 45 $10,000,000 $198,500 21.685%$44,646 ($208)-0.5% 46 47 2023 CITY PROPERTY TAXES (WITH MARKET VALUE INCREASE) 48 49 Market 50 Value City Local City Property Percentage 51 2022 Tax Tax Capacity Property Taxes Tax 52 INCREASE OF Capacity Rate Taxes Increase Increase 53 16.5%2023 Pay 2023 2023 (Decrease)(Decrease) 54 55 $1,165,000 $21,800 21.685%$4,727 $547 13.1% 56 $2,330,000 $45,100 21.685%$9,780 $1,080 12.4% 57 $3,495,000 $68,400 21.685%$14,833 $1,614 12.2% 58 $4,660,000 $91,700 21.685%$19,885 $2,146 12.1% 59 $5,825,000 $115,000 21.685%$24,938 $2,681 12.0% 60 $6,990,000 $138,300 21.685%$29,991 $3,214 12.0% 61 $8,155,000 $161,600 21.685%$35,043 $3,747 12.0% 62 $9,320,000 $184,900 21.685%$40,096 $4,281 12.0% 63 $10,485,000 $208,200 21.685%$45,148 $4,814 11.9% 64 $11,650,000 $231,500 21.685%$50,201 $5,347 11.9% 65 66 2023 CITY PROPERTY TAXES (WITH MARKET VALUE INCREASE) 67 68 Market 69 Value City Local City Property Percentage 70 2022 Tax Tax Capacity Property Taxes Tax 71 INCREASE OF Capacity Rate Taxes Increase Increase 72 18.9%2023 Pay 2023 2023 (Decrease)(Decrease) 73 74 $1,189,000 $22,280 21.685%$4,831 $651 15.6% 75 $2,378,000 $46,060 21.685%$9,988 $1,289 14.8% 76 $3,567,000 $69,840 21.685%$15,145 $1,926 14.6% 77 $4,756,000 $93,620 21.685%$20,302 $2,563 14.4% 78 $5,945,000 $117,400 21.685%$25,458 $3,201 14.4% 79 $7,134,000 $141,180 21.685%$30,615 $3,838 14.3% 80 $8,323,000 $164,960 21.685%$35,772 $4,476 14.3% 81 $9,512,000 $188,740 21.685%$40,929 $5,113 14.3% 82 $10,701,000 $212,520 21.685%$46,085 $5,751 14.3% 83 $11,890,000 $236,300 21.685%$51,242 $6,388 14.2% 11 Option #2 - E