Park Board Approves Budget And Tax Levy
The following article by Jake Weyer was published in the December 27, 2010 issue of the Southwest Journal:
PARK BOARD APPROVES BUDGET AND TAX LEVY
The Minneapolis Park and Recreation Board approved a roughly $60 million budget and a 3.8-percent increase in property tax collections Dec. 13 in City Hall.
The tax bump is a small fraction of the overall tax increase Minneapolis property owners will see next year. Many will receive double-digit hikes, a result of the city’s pension obligations, cuts to state aid, the recertification of Tax Increment Financing districts and commercial property values that are slumping lower than residential values.
The City Council made some last-minute budget revisions to reduce the increase, which required the Park Board to lower its portion of the levy.
The Park Board’s budget is more than 1-percent smaller than last year’s and calls for a two-year pay freeze to improve the organization’s financial condition.