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<br /> <br />Item 8.4. <br /> <br />MEMORANDUM <br /> <br />TO: Mayor and Council <br /> <br />FROM: Lori Johnson, Finance and Administrative Services <br />Director/Interim City Administrator <br /> <br />DATE: December 19,2005 <br /> <br />SUBJECT: Consider Adoption of Final 2006 Tax Levy and General and <br />Special Revenue Fund Budgets <br /> <br />On December 5 the City held the Truth in Taxation Hearing at which time the city's tax levy <br />and budgets were discussed. The public was invited to comment and provide input to the <br />Council on both the tax levy and the budget during the hearing; however, no one in <br />attendance spoke. <br /> <br />Attached is a resolution authorizing the property tax levy at $8,823,793 for property taxes <br />collected in 2006. This levy, if approved, will not increase the City's tax rate based on the <br />current net tax capacity data supplied by Sherburne County. <br /> <br />At the Truth in Taxation Hearing, the General fund and Special Revenue Fund budgets were <br />also discussed. The Council did not make any changes to these budgets at that meeting. <br />The budgets discussed are as follows: <br /> <br />General Fund <br />Special Revenue Funds <br />Library <br />Ice Arena <br />Equipment Certificate <br />Equipment Reserve <br />Sanitary Landfill <br />Safety <br />Storm Sewer <br /> <br />$10,596,550 <br /> <br />$ 69,000 <br />$ 797,850 <br />$ 437,000 <br />$ 90,950 <br />$ 246,550 <br />$ 30,200 <br />$ 175,000 <br /> <br />Action Requested <br />City Council is asked to consider the attached resolution setting the final tax levy for taxes <br />payable 2006. Second, the Council is asked to consider adopting the budgets for the General <br />Fund and Special Revenue Funds as noted above. <br /> <br />S:\Council\Lori\2005\Adopt 06 Tax levy.doc <br />