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(Updated July 15, 2020)
Cities are facing many financial uncertainties in light of the COVID-19 pandemic. 金融市场动荡不安，目前市政债券风险更大，而存款利率很低. As employers, cities are having to make difficult decisions on layoffs, furloughs, hiring freezes, and/or not bringing on summer seasonal staff. Revenues from local taxes and the operation of municipal facilities, programs, and services are also unpredictable for the next several months. While we acknowledge that there are more questions than answers at this time, 本稳定的十大彩票网站的目的是提供更新和信息，可能有助于您的财务决策过程.
Property tax considerations
Property taxpayers are generally required to make payments are made on May 15 and October 15. Counties then generally distribute those tax receipts around June 20, 在11月底，在7月初和1月底分配较小的迟交税款.
Under current economic conditions, and possibly due to actions by counties to waive penalties on late property tax payments (under Minn. Stat. § 279.01, subd. 2), 在7月份分配到城市之后，可能会出现更高的延迟财产税缴纳率. 根据现行法律，这些逾期收据在11月之前不需要由各县分发. 城市应该意识到在法定分发时间表之外要求分发的两种选择:
- Interim distributions of property tax receipts ( Stat. § 276.11)
Upon written request of the taxing district, to the extent practicable, 县司库应在下次结算和分配之前，定期支付部分收取的款项.
- Interim distributions of property tax receipts ( Stat. § 276.11)
Upon written request of a taxing district, except school districts, 县司库应在第276条确定的结算日期后30天内支付至少70%的估计收款.09.
—Read more about property taxes and COVID-19 on the Minnesota Department of Revenue’s website.
State aid considerations
LGA payments are made twice a year: July 20 and December 26. This payment structure has two alternatives:
- Early Distribution of LGA due to natural disaster ( Stat. 477A.015)
If a city experiences financial hardship due to a natural disaster, 十二月份的款项可在七月二十日之后的任何时间，在公安处长的指示下缴付. - Early distribution due to cash-flow challenges ( Stat. 477A.015)
If a city has cash flow challenges, the city can request that the December 26 payment be made at any time after August 15.
Possible state aid reductions
Although somewhat unlikely at this time (April 2020), there is always a possibility that with the rapid worsening of the general fund budget, 州稳定的十大彩票网站可以通过以下两种方法之一追溯减少今年的LGA付款:
- If the legislature is in session, the legislature could pass a bill to retroactively cut LGA payments this July and/or December.
- LGA could be “unalloted” (cut) by the governor if these conditions exist:
- The state would have to determine a deficit would occur before the end of the biennium. Currently, the last budget forecast reported a surplus of $1.5 billion.
- The state would have to use the entire budget reserve account, currently funded at $2.3 billion and if a deficit still exists, 州长可以行使一种被称为“取消拨款”的权力，他可以减少以前在州预算中拨款的数额.
Borrowing options
- Tax anticipation certificates ( Stat. § 412.261 (statutory city) Minn. Stat. § 410.325 or (charter city))
城市可以在对尚未征收的基金征收税款之前，签发债务证明书. 税单可在每年征收税款后的第一个年度的第一天或之后发出，并须不迟于下一年的4月1日缴纳. These “tax anticipation certificates” may be tax-exempt, but in that case are subject to strict rules under federal laws and regulations. Tax anticipation certificates are relatively uncommon, 并且通常反映了需要这种类型的临时借款的财务压力或其他不寻常因素.
- Public emergency certificates ( Stat. § 475.754)
城市因自然灾害或者其他突发公共事件需要特别支出的, and taxes and other funding are insufficient to cover the cost in a given year, the city may authorize the sale of certificates of indebtedness. The certificates must mature within three years, are exempt from public sale requirements, and are not included in the “net debt” of the issuing city. 所有凭证及其利息必须从现有限制范围内征收的税款或其他可用收入中支付. Nothing in Chapter 475 expressly exempts these certificates from voter approval, 但这种豁免是由于只有在公共紧急情况下(如.e., the time-consuming election would defeat the purpose of the borrowing).
- Emergency Debt Certificates ( Stat. § 475.755)
如果有理由预计城市收入将低于最终财产税征收核定时的预算预期额, 这些收入不足以支付本财政年度已发生或将发生的费用, 城市可以发行在该财政年度结束后两年或更短时间内到期的债务凭证. 在一个会计年度内，证书的最高发行金额是预期的减少和发行成本. The certificates must be repaid by a levy that, according to the Department of Revenue, is not subject to or included in a city’s levy limit.
- Lease-Purchase Authority ( Stat. § 465.71)
As an alternative traditional bond financing, 城市有权通过签订“租购协议”来获得不动产或个人财产,” under which the seller retains title to the asset until the lease is fully paid. The city, as lessee, 支付租金，其中包括利息部分-租赁付款在功能上相当于债券的本金和利息. At the end of the lease term, the city takes title to the subject asset. 租赁购买协议的主要特点是，在协议期限内的任何财政年度结束时，纽约市必须保留终止协议的权利, by a provision known as a “non-appropriation clause.“这项权利不应受到过重的处罚，以致使终止这种权利在实践中成为不可能. Because of this non-appropriation right, 租赁不是第475章所定义的“义务”——它不是在未来固定日期付款的承诺, precisely because a city may choose simply to terminate and make no further payment. 因此，租赁-购买交易不受选民批准或第475章任何其他部分的约束, with one exception: if the amount of the lease exceeds $1 million, that amount is treated as net debt for the purposes of the debt limit under Minn. Stat. § 475.53. More information about this option is available in the Handbook for Minnesota Cities Chapter on Debt and Borrowing.
- Borrowing under the new Municipal Liquidity Facility
In early April, the Federal Reserve announced the creation of the Municipal Liquidity Facility, which will support up to $500 billion in short-term lending to states and local governments. 市政流动性基金的主要目的是帮助许多州解决由于国会将联邦税务申报截止日期推迟到7月15日而面临的现金短缺问题. 收益的合格用途包括州和地方减少与COVID-19大流行相关或由此产生的税收和其他收入或增加费用. 该计划将可在该计划下获得的合格票据定义为税收预期票据(TANs)。, tax and revenue anticipation notes (TRANs), bond anticipation notes (BANs), and other similar short-term notes issued by an eligible issuer, provided that such notes mature no later than 24 months from the date of issuance. Under the program, 明尼苏达州没有任何城市有资格直接进入这个项目，城市必须通过州稳定的十大彩票网站才能获得短期资金. At this time, 我们正在等待国家的实施信息，可能需要立法授权.
Expenditure Assistance
Federal COVID assistance (Updated July 15, 2020)
Under the federal CARES Act, Minnesota will receive $2.2 billion in federal assistance to cover only those costs that:
- 是否因2019冠状病毒病(COVID-19)突发公共卫生事件而产生必要支出;
- Were not accounted for in the budget most recently approved as of the date of enactment of this section for the state or government; and
- Were incurred during the period that begins on March 1, 2020, and ends on December 30, 2020.
