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95-46• crrY Presented By: Referred To: �uNt: w F; 1eJ't'f- � � " � �P Green Sheet # ��/(� .�/ RESOLUTION � iAINT PA�Jt,p MINNESOTA Committee Date: � 2 3 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 s � 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 9 �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 �z ,s WHEREAS, 30-year HRA Revenue bonds were issued for Civic Center construction and renovation �a purposes; and 15 �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 19 zo 21 22 23 24 25 26 27 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: � 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 �' 95��t� �.: : • .�. $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. CRG\w�la�spnvail¢d5rp[