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· The general fund budget is using $117,000 of fund balance monies in order <br /> to balance the 2004 operating budget. <br />· The September 8, 2003 proposed maximum levy resolution is being <br /> recommended for approval on December 15, 2003 for taxes payable in 2004. <br /> <br />The 2003 city tax rate is 44.614. Based on the proposed tax levy, the 2004 tax rate is estimated at <br />43.731. This is a 2% decrease in the city tax rate. This decrease is what a property owner will see for <br />their city taxes i__f their property value did not increase; however, this is not likely to be the case for <br />most property owners in 2004. According to Sherburne County information that was provided to <br />the city in September, the city net tax capacity (NTC) increased by 12% for 2004. The city wide <br />increase in the NTC is the reason why the city tax levy can increase substantially and yet the city tax <br />rate decrease. <br /> <br />Attachments <br /> · 2003 general fund revenue pages <br /> · 2003 general fund expenditure summary page <br /> · special revenue funds summary page <br /> · 2004 tax levy resolution <br /> <br />RecommeNdatioN <br />It is recommended that the City Council approve resolution 03-__ authorizing the 2003 proposed <br />tax levy for collection in 2004. <br /> <br />It is recommended that the City Council approve a motion adopting the 2004 municipal general <br />fund budget and the special revenue funds. <br /> <br /> <br />