All posts in the topic where does your city property tax dollar go? (Short link)

From: Jason Stone Date: 2008 Feb 11 20:35 UTC Short link

Skimming the 2008 city budget I cam across this breakout of our City property
tax dollars.  I don't have a specific to make--just thought it to be helpful.

Best,
Jason Stone
Diamond Lake

....

(paraphrased)

Under the 2008 adopted budget a Mpls home with est value $225,500 pays will pay
about $1263 to the CITY in property tax (not including what goes to other
jurisdictions).

Here's where it goes:

police $267.86
park $215.52
all other city depts (cped, attorney, clerk, finance, etc) $255.17
library, including referendum $121.15
fire $117.52
pension $100.66
capital and debt service $105.14
public works $69
other independent boards $40.98
    

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From: Carol Becker Date: 2008 Feb 19 04:39 UTC Short link

Caty Royce asked:

"Exactly whose pension(s) am paying for?"

This question was in relation to the property tax levy.

There are three pension systems which are being funded by separate levies: the
Minneapolis Employees Retirees Fund (MERF), the Police Pension Fund, and the
Fire Relief Fund.  All three of these pensions are closed pensions, meaning
that no new people have been let into them since the early 1980's. But the
City promised pensions but didn't set aside any money to pay the pensions when
they made this promise.  So the City and the state have been putting money
aside to make good on the commitment to these employees.  The City's money
comes from a property tax levy.

There is also a separate levy required by state law for the Minneapolis
Teacher's fund.  The School Board is responsible for these pensions but unlike
the above three pensions, the Teacher's Pension system wasn't put on a track
to become solvent like the other ones and has been severely underfunded for a
long time.  Because of this, the State put in a requirement for the City to
levy a property tax to help close the funding gap in the pension.

The City also puts money aside for pensions for all current employees.  This
money is deducted from whatever budgets those employees are funded in and is
given to the State Pension Board for management.  Because of this, the City
should be funding pensions for its current employees adequately and not get
stuck in a catchup like it is with the other funds.

Carol Becker
Member, Board of Estimate and Taxation
Longfellow