Minneapolis Revenue Sources and Taxes

The video explains the budget of Minneapolis, highlighting that property taxes account for only 20% of the city's revenue. The remaining 80% comes from diverse sources like licenses, fees, and state aid. It discusses how revenues are legally linked to specific expenses, ensuring funds are used appropriately. General revenues fund essential services like police and fire departments. The property tax levy is calculated by subtracting non-property tax revenues from the total budget, and it's distributed based on property value. The city's budget adapts to changing needs, with property taxes making up about a fifth of the revenue.

What percentage of Minneapolis's budget is funded by property taxes?

• 80%

• 10%

• 20%

• 50%

Which of the following is NOT a revenue source for Minneapolis?

• Sales taxes

• Property taxes

• Federal aid

• Utility rates

What must the city of Minneapolis do with the money collected from drinking water fees?

• Allocate it to water delivery services

• Spend it on food inspections

• Invest in public parks

• Use it for affordable housing

Which of the following is a specialized revenue source?

• Sales taxes

• Taxi cab license fees

• Property taxes

• Local government aid

Which revenue source can be used for any city function?

• Taxi cab license fees

• Trash collection fees

• Property taxes

• Pollution control fees

What is the primary use of general revenues in Minneapolis?

• Supporting local businesses

• Investing in infrastructure

• Paying for core city services

• Funding specific projects

How is the property tax levy calculated?

• By multiplying the total budget by 20%

• By subtracting non-property tax revenues from total expenses

• By adding all non-property tax revenues

• By dividing the total budget by the number of properties

What determines how much each property pays in taxes?

• The owner's income

• The property's assessed value

• The property's location

• The property's age

In recent years, what fraction of the city's revenue comes from property taxes?

• One-half

• One-fifth

• One-fourth

• One-third

What influences the change in property tax levy each year?

• The city's spending needs

• The number of new properties

• The city's population growth

• The federal government's budget