5.0. SR 12-05-2005 - Laserfiche WebLink

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Item 5. MEMORANDUM TO: Mayor and City Council FROM: Lori Johnson, Finance and Administrative Services Directorllnterim City Administrator DATE: December 5, 2005 SUBJECT: Truth in Taxation-Public Hearing The city will hold its Truth in Taxation hearing on Monday. At the hearing, the Council is required to discuss the city's proposed levy and budget and to offer an opportunity for the public to provide input to the Council. The Council may adjust the budget and decrease the levy as it deems appropriate based on public input prior to approving the final levy and budget at a subsequent meeting in December. The information discussed at the hearing will be based on the maximum tax levy approved by the Council in September and the proposed budgets discussed by the Council in work sessions in August and September. Before opening the meeting for public comment, staff will make a presentation on the proposed tax levy, the estimated tax rate, general, special and enterprise funds budgets, and other tax related information. We received more calls than usual from residents this year about the projected increase in their taxes. Many of those callers were questioning or were confused about the school levy. Although the City Council has control over only the city portion of the property tax, some callers were not aware of that. For that reason, the presentation and attachments this year include information on tax data for Sherburne County and Independent School District 728. All of the tax and budget details are included in the attachments so this memo will not go into detail. The following are highlights of the information that will be presented: . Estimated tax rate based on proposed levy - 43.762% o Tax rate does not increase for taxes payable in 2006 due to increase of 15.74% in net tax capacity . Proposed levy - $8,823,793 o Increase of $1,199,808 or 15.74% S:\Council\Lori\200S\TNT hearing.doc