No property tax levy hikes in City’s 2012 budget

The City Council unanimously approved the City’s 2012 budget based on Mayor R.T. Rybak’s proposal, which included no increase to the City’s property-tax levy and investments in major street improvements. The 2012 budget is 9 percent lower than it was 10 years ago, and will include 12 percent fewer fulltime positions.

Since 2002, the City has paid down or avoided $183 million in debt and at the same time successfully restored its AAA credit rating. Earlier this year, the Mayor and City Council approved a successful negotiation to merge two closed City pension funds with the State’s public-employee retirement system that averted a $20 million tax increase that would have been forced on taxpayers in 2012.

The newly-adopted 2012 City budget makes a major new capital investment in street improvements and invests in the coordinated One Minneapolis initiative to reduce racial inequity in unemployment. The budget also maintains the public safety investments that have lowered violent crime citywide to historic lows, and eliminates no positions in the Fire Department.

The 2012 budget also invests $150 million in street improvements over the next five years, 60 percent more than had been planned. The City will spend $9 million more in street improvements in 2012 than previously planned, and $23 million more in 2013.

For more information on the 2012 budget, visit http://www.minneapolismn.gov/finance/.

Dec. 21, 2011

 

Published Dec 21, 2011