Finance

Finance Department
There are 14 full-time staff members working in the Finance Department. The department employs assessors, accountants, billing clerks and support staff.
The Finance Department is responsible for

• Setting the annual tax valuation of 15,000 parcels of real estate and personal property
• Documenting more than 800 residential real estate transactions each year
• Administering special assessments, right-of-way classifications and real estate acquisitions
• Maintaining property records
• Ensuring the short and long-term financial stability of the City by maintaining financial records, managing an $80 million investment portfolio and addressing risk-management issues
• Processing payroll and vendor claims
• Billing 13,500 utility customers for water/sewer and refuse collection services.

Truth in Taxation meeting set for Dec. 1
The St. Louis Park City Council will hold a Truth-in-Taxation public hearing to discuss the 2009 budget and property tax levy at 7:30 p.m. Dec. 1^st at City Hall, 5005 Minnetonka Blvd. The hearing is designed to give council members another opportunity to discuss the proposed budget and hear public input before adopting the final budget and tax levy on Dec. 15, 2008. The St. Louis Park City Council reviewed a preliminary 2009 budget and property tax levy at its Sept. 2, 2008 meeting. Following discussion, council members set the maximum tax levy increase at 6.27 percent, a figure that can be reduced, but not raised, prior to being adopted in December.

How are city funds allocated and what are the revenue funding sources?

What is the break out of the 6.27% levy?

• 3.9 % is the base levy increase allowed under state law to cover general operating costs.
 
• 1.47% is added reflecting growth in commercial/industrial property value
• 0.13% is growth in households
• 0.77% is allowed for public safety salary and benefit costs that exceed 3.9%

What does this mean for a St. Louis Park homeowner?

How are city funds allocated and what are the revenue funding sources?How can residents participate in 2009 budget process?

Move Up in the Park – Transformation Loan
This deferred loan assists residents making significant expansions to their existing homes, and can be used with the Community Fix up Fund Loans. For more information contact CEE Financial Resources at (612) 335-5891 or e-mail byaritz@mncee.org

• Loan to assist with Significant Home Expansions only
• 0% interest - 3% carrying fee
• This does not cover finishing existing space such as basements, attics or porches
• Household income approx $90,000 (family of 4) or less
• Payment deferred until sale of home or after 30 yrs the loan is forgiven

Revenue Bonds
The City of St. Louis Park will consider issuing private activity revenue bonds for eligible projects.

• (952) 924-2511
• bdejong@stlouispark.org