Setting maximum levies

The Board of Estimate & Taxation (BET) holds public hearings to consider input from residents on the maximum tax levies for certain tax funds in the City. The board sets the maximum tax levies for the following funds:

• City Council:
  • General Fund
  • Permanent Improvement Fund
  • Police Personnel Expansion Fund
  • Bond Redemption Fund
  • Minneapolis Employees Retirement Fund
  • Minneapolis Retirement Association Levy
  • Minneapolis Fire Relief Association Levy
  • Municipal Building Commission Levy
  • Library Referendum Debt Service Market Value Levy
  • Chapter 595 Levy
  • Minneapolis Public Housing Authority Levy
• Park and Recreation Board:
  • Park and Recreation Fund
  • Tree Preservation and Reforestation Fund
  • Park Rehabilitation and Parkway Maintenance Fund
  • Shade Tree Disease Control Fund
  • Lake Pollution Control Fund
• Board of Estimate & Taxation:
  • Board of Estimate & Taxation Levy
  • Teacher's Retirement Association Levy

The Fire Department Relief Association, Police Relief Association, Municipal Employees Retirement Fund, and Building Commission Funds are not subject to the board's maximum tax levies.

Other BET responsibilities

Other responsibilities of the BET include:

• Participating in the debt management policy of the City
• Issuing General Obligation Bonds of the City in support of the Capital Program (excluding Tax Increment Bonds)
• Preparing Official Statements (except Appendix A). Official Statements are disclosure documents that provide investors with information about a bond offering
• Responding to rating agency questions
• Preparing self-supporting debt documentation
• Playing a role in pre- and post-bond sale activities
• Determining if a project is related to the convention center and therefore eligible to use sales tax