City Council Approves 2011-12 Biennial Budget And Tax Levy

At its Dec 7 meeting, the Golden Valley City Council adopted the City’s 2010 property tax levy and the 2011-12 Biennial General Fund budget. The 2012 budget is for future planning purposes and is approved in concept only.

The City’s 2011 tax levy of $16,409,450 is a .5 percent increase from 2010, which is an $11 increase on a median home valued at $250,000.

Even though general fund expenditures decreased by $61,700 for 2011 (the result of reducing staff by three and a half positions), the general fund levy increased by $207,545 to offset the loss of revenue from building permits, interest earned, and the state unallotment of market value homestead credit (MVHC). This increase also was needed to maintain a balanced budget.

City taxes make up one portion of the entire tax bill. For more information about how your City tax dollars are used or the City’s adopted 2011 budget or tax levy, go to City Budget.

This entry posted in | City Budget | Finance Department