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ity <br /> <br />of <br /> <br />iver <br /> <br />Item 5.4. <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Mayor & City Council <br /> <br />Pat Klaers, City Adm' ~~o~ <br />December 7, 1998 ~ <br />Truth in Taxation Public Hearing <br /> <br />The city of Elk River tax levy and budget pubhc hearing is scheduled for <br />6 p.m., Monday, December 7, 1998, at the Elk River City Hall. The public <br />hearing on the budget and tax levy is required by the Truth in Taxation law. <br />The purpose of this public hearing is to receive citizen input on the proposed <br />1999 city budget and tax levy. <br /> <br />Notice of this public hearing has been sent out by the county to each property <br />owner in the city. Part of this notice included information on the property <br />owners proposed city, school, and county taxes for 1999. A public hearing <br />notice for this meeting was published in the December 2, 1998, Elk River Star <br />News. Notification was also published in the city newsletter, The Current, <br />which was distributed with the 12/2/98 edition of the Star News. <br /> <br />In September 1998, the City Council adopted a resolution which established <br />the proposed maximum tax levy (see attachment). The maximum net levy is <br />$3,629,214. Of this total, approximately 84 percent, or $3,079,729, is for <br />general fund activities. The balance, approximately 16 percent of the total net <br />levy, is used for other City Council approved expenditures such as equipment <br />certificates, operation and maintenance of the library, special assessments, the <br />dam loan, etc. This city tax levy increase will cause the city tax rate to go from <br />26.255 in 1998 to 29.152 in 1999. <br /> <br />Following the August and September budget meetings, the Council met on <br />November 23, 1998, and refined the 1999 proposed budget. The general fund <br />budget to be presented to the public on December 7, 1998, is in the amount of <br />$5,363,450. This reflects a $458,200 or 9.34 percent increase from the adopted <br />1998 general fund budget. <br /> <br />State law requires a Truth in Taxation public hearing on the city tax levy and <br />budget. Home and business owners generally see large tax increases in years <br />when their property values go up. This value increase, plus recent changes in <br />the tax classes by the state legislature, will have a big impact on your 1999 tax <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · TDD & Phone: (612) 441-7420 · Fax: (612) 441-7425 <br /> <br /> <br />