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<br />rll ~'\) <br />( )j <br />tl~ <br /> <br />I-rli./Vl 3 <br /> <br /> <br />TO: <br /> <br />FROM: <br /> <br />MAYOR & CITY COUNCIL <br />PAT KLAERS, CITY "~~RATOR <br />DECEMBER 3, 1993 1)?' <br /> <br />DATE: <br /> <br />SUBJECT: 1994 BUDGET <br /> <br />The City of Elk River General Fund Budget Public Hearing is <br />scheduled for 7:00 p.m., Wednesday, December 8, 1993, at the <br />Elk River City Hall. This public hearing is required by the <br />Truth in Taxation Law. The purpose of the public hearing is to <br />receive citizen input on the proposed 1994 City of Elk River <br />budget. <br /> <br />Notice of this public hearing has been sent out by the County <br />to each property owner within the City along with information <br />on the property owner's proposed taxes. Additionally, a public <br />hearing notice was published in the 12/1/93 Elk River Star <br />News. Information on the budget public hearing and the 1994 <br />tax rate was also published in the December City newsletter. <br /> <br />. <br /> <br />At the September 8, 1993, City Council <br />proposed maximum balanced budget in <br />was agreed upon by the City Council. <br />proposed to increase 12.92% in 1994. <br /> <br />budget worksession, a <br />the amount of $3,394,750 <br />The City budget is <br /> <br />This budget increase will result in a tax increase to our City <br />property owners. This tax increase is due to a variety of <br />reasons including: <br /> <br />1. The City ra~s~ng tax revenues. <br />2. The property values being increased by the County <br />Assessor. <br />3. Action by the State Legislature including; I.} the <br />shifting of tax burden from commercial and industrial <br />property to residential property which has caused the <br />City net tax capacity to be stabilized in spite of <br />rapid City growth, and, 2.} a shifting of property <br />taxes from the high valued residential property to <br />the low/mid value residential property. <br /> <br />. <br /> <br />The tax increase in the rural district is substantial in 1994. <br />This is due to a change that took place last year very late in <br />the budgeting process which caused the rural rates to decrease <br />significantly. The large increase in 1994 is a correction of <br />this decrease in 1993, and this issue has been discussed in <br />detail with the City Council in the past. This major increase <br />could be a significant issue at this budget public hearing. <br />However, this issue has been publicized and the City has <br />received very few calls regarding the Truth in Taxation public <br />hearing. <br /> <br />P.O. Box 490 · 13065 Orono Parkway · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br />