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-~ity of <br /> <br /> · <br /> lver <br /> <br />MEMORANDUM <br /> <br />Items 4.8. & 4.9. <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Mayor & City Council <br /> <br />Pat Klaers, City Admi~~ <br /> <br />December 21, 1998 <br /> <br />1999 Budget and Tax Levy Resolution <br /> <br />In September, the City Council approved its proposed maximum tax levy for <br />1999. The net levy proposed was in the amount of $3,629,214. This is a <br />$387,105 or an 11.6% increase over the adopted 1998 net tax levy amount. A <br />majority of the tax levy funds (approximately 84%) is dedicated toward <br />general fund activities. <br /> <br />The City Council reviewed the proposed budget at meetings in August and <br />September and most recently on November 23, 1998. The final draft 1999 <br />budget is proposed in the amount of $5,363,450. This proposed budget <br />reflected a 9.3% or $458,200 increase over the adopted 1998 general fund <br />budget. <br /> <br />On December 7, 1998, the City Council held its Truth in Taxation public <br />hearing. This public hearing is required by law to receive public input on the <br />proposed city budget and tax levy. (Four individuals spoke at this public <br />hearing and at least two of the individuals appeared to be mainly concerned <br />with their increased property value.) Notice of this public hearing was sent <br />out to ali property owners in the city and a notice was published in the Elk <br />River Star News. Figures included in the mailed notices and in the <br />newspaper were based on the draft budget and the September tax levy <br />proposal. Based on these figures, the city tax levy increase will cause the city <br />tax rate to go from 26.255 in 1998 to about 29.152 in 1999. Overall, the total <br />tax rate in the city is proposed to go from approximately 111.5 in 1998 to <br />about 121.5 in 1999. <br /> <br />As previously discussed with the City Council, the impact of the increased <br />tax rate on property owners vary depending on whether or not the property <br />also increased in value. Other factors which impacted individual property <br />owners in 1999 includes recent tax class changes by the state legislature and <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 />