95-46•
crrY
Presented By:
Referred To:
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Green Sheet # ��/(� .�/
RESOLUTION �
iAINT PA�Jt,p MINNESOTA
Committee Date:
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a WHEREAS, the 1993 Minnesota Legislature (Laws of 1993, Chapter 375, Article 9, Sec. 46) authorized
s the City of Saint Paul to estabiish a 1/2 percent sales tax on sales within the City of Saint Paul; and
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� WHEREAS, on June 29, 1993 the City Council of the City of Saint Paul approved a 1/2 percent sales
a tax (CF 93-783) in aCCOrdance with state law; and
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�o WHEREAS, state law requires an odd number year reporting of the use of the sales tax proceeds by
�� the City of Saint Paul; and
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,s WHEREAS, 30-year HRA Revenue bonds were issued for Civic Center construction and renovation
�a purposes; and
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�s WHEREAS, sections 5-4(2) and 5-11(3)(4) of the bond indenture aliow the transfer of sales tax
,� proceeds received by the City of Saint Paul to various accounts established by a trustee of the Saint
�a Paul Housing and Redevelopment Authority; now therefore be it
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RESOLVED, that the 1/2 percent City of Saint Paul sales tax proceeds are accounted for as
summarized on the attachment:
Requested by DepaRment of:
Executive Administration - Mayor's Budget Office
By:
Approval Recommended by Budget Director:
Adopted by Council: Date
Adoption Ce�tified by Council Secr ary:
By:
�..
By:
Form
sy:
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D AR7.l�NTO I UN A IN D ��' ��(f
Mayor's Office 01 11 95 CaREEN SHEET NO. 31109
CONTACfPP3t3pN&PHONE Q DEPARIMQ�ITDII2EC11DR 04 CPIYCOUNCQ,
Tomcmo(u,�-ssa� �z crrYn�rro� 0 cresrcr�x
MUSTBEONCOUNCII.AGYNDABY(DA"IE) O BUDC'El'DII2EC10R O F1N•&MGT.SF3LVICESDII2.
03 MAYOR(ORAS35fAN1) O �Ne1NCEACCOUNT7NG
TOTAL #� OF SIGNATURE PAGES 1 (CLIP ALL LOCATIONS FOR SIGNATURE)
ACIION REQUES7F,D
Approve submission of sales tax expenditures report to the State of Minnesota
RECOMF�NDA]10NS:Appma(A)mRejau(R) PERSONALSERVI(ECON7RAC15MUSTANSWERIHSFOIdAWINGQUESIIONS:
(Fzplain all yu answers on upazate sbcet and aztach to geen sheet.)
PLANA`[NGCOMMISS[ON eivn.seav�ceeoeaaus�oe 1.Hsstbispetsoo(Gcmeverwo=kednnderaeonhaMfocthisdepamneut?
CIBCOMMiTI'EE _ YES NO
srweF _ 2.Hast6ispecsodfumeverbeenaciryemployee?
msrn�crco�a�r _ YES NO
SUPPORiSWHICHCOVNC9.OB1L'CI'IVE? 3.Doesthisperson/firn�possessaskillm[nom�allypussessedbyanycurrentciryemployee?
YES NO
INITIATING PROBIEM, ISSIJF OPPORIUNITY (Who, What, When, Where, Why):
State enabling legislation requires the city, in odd number years, to report the expenditure use of the sales tax
proceeds by January 15th of those odd numbered years.
ADVANPAGFS SF APPROVSD:
The report will be submitted on time, as required by law.
DISADVANTAGES IF APPROVF,D:
None.
DISADVANTAGES OF NOTAPPROVED:
The city will be out of compliance with state laws.
TOTAL AMOUNI 1RANSAC7iON COST/REVENOS BUDGEIED (CIRCiE ONE) YES NO
I FUNDING SOURCE N/A AG7SVt1'Y Ni7MBER(S)
I FINANCIALINFORMATYON: (EXPLAIN)
City of Saint Paul Sales Tax Report — 1995
For the Period : Sept 1993 thru Dec. 1994
RECEIPTS : Cash basis
Gross Sales Tax collected; Dept. of Revenue $9,028,280
less deductions by Dept. of Revenue ($126,944)
less refunds and adjustments ($41,730)
Net to the City of Saint Paul $8,859,606
EXPENDITURES : Cash basis
Pending City transfer to bond trustee (NV�
City transfer to bond trustee (NV�
TRUSTEE TRANSACTIONS ;
Debt Service
Interest payments
Principal payments
Reserve for debt payments (NVI�
Interest Earnings
Trustee Fees
Civic Center allocation (1)
Interest on balances
Expenditures
Neighborhood account alfocation (2)
Interest on balances
Expenditures
Culturai Arts account a(location (3)
Interest on balances
Expenditures
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$697,915
$8,161,691
($3,427,543)
$0
($741, 267)
$54,154
($3,427,543)
$0
($741,26�
$54,154
($2,500)
($2,500)
$0
$0
$0
$3,618,329
$24,330
$�
$24,330
$728,783
$4,867
$0
Available for projects & Debt
$4, 867
$4,771,847
(1)'Ihe Civic Center al(ocation is 40% of the prceeeds, currenUy used for the Debt Service paymen[s. The 40% is insufficient, and other programs
are notfullyfuRded.
(2)'Ihe neighbothood allocation is 50% of the proceeds, ne[ of Debt service needs above the CC 40% share.
(3) The Cultural Arts allocation is 10% of the proceeds, net of Debt Service needs above the CC 40% shaze.
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