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<br />. <br /> <br />. <br /> <br />. <br /> <br />City Council Minutes <br />September 5, 2006 <br /> <br />Page 7 <br /> <br />Ms. Johnson indicated that she received preliminary information from County Assessor <br />Gerry Kritzeck and he is estimating the city's net tax capacity (NTC) will be 12.9%, which is <br />far higher than originally anticipated. She stated that she will have the actual NTC for next <br />week's meeting. She explained that staff used 8% as an NTC estimate when preparing the <br />draft budget and if the actual NTC is 12.9%; an additional $400,000 in revenue could be <br />included, depending on how the Council decides to levy. <br /> <br />It was the consensus of the Council to include some of the additional funding based on the <br />difference in the NTC but to leave a cushion to absorb change so the tax rate does not <br />111crease. <br /> <br />Mayor Klinzing indicated that she will not be at the September 11 meeting. She stated that <br />she is comfortable with the levying around 10% as she would rather cut the tax rate than <br />have it remain the same. Councilmember Motin indicated that he would like to levy at 8% <br />but would go as high as 10%. Ms. Johnson indicated that she will have the final NTC next <br />week and staff will prepare levy resolutions for different percentages and the Council can <br />approve the one the want. <br /> <br />Councilmember Motin stated that he would like the Council Contingency fund reduced. Ms. <br />Johnson indicated that the contingency fund could be reduced to $110,000 which is the <br />same as last year. It was the consensus of the Council for the Council Contingency fund to <br />remain at $110,000 this year. <br /> <br />10. <br /> <br />Adjournment <br /> <br />There being no further business, Mayor Klinzing adjourned the meeting of the Elk River <br />City Council at 8:48 p.m. <br /> <br />Minutes prepared by Jessica Miller. <br /> <br /> <br />I~-{ <br />