7.1. SR 12-18-2006 - Laserfiche WebLink

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City of Elk River Item Number REQUEST FOR COUNCIL ACTION Agenda Section Meeting Date Administration December 18, 2006 Administrator Item Description Consider Adoption for Final 2007 Tax Levy and Budgets for the General, S ecial Revenue, and Ente rise Funds Introduction The City's Truth in Taxation Hearing was held on December 4th at which time the City's tax levy and budgets were discussed and the public was invited to provide input to the Council. No one in attendance spoke at the Truth in Taxation hearing. The Council is now asked to adopt the 2007 tax levy and budgets. Discussion Attached is a resolution authorizing a property tax levy of $9, 757,057 for property taxes payable in 2007. Based on the current net tax capacity data supplied by the Sherburne County Assessor's Office, the City's tax rate will decrease in 2007 based on the proposed levy. The Council has reviewed the General, Special Revenue, and Enterprise Fund budgets at previous meetings, and again at the Truth in Taxation hearing. On December 4 the Council approved adding a part-time recreation assistant to the General Fund Budget and reducing the Council contingency by $21,000 to fund this position. The Council did not make changes to any of the other budgets. The budgets are proposed as follows: General Fund Special Revenue Funds Library Ice Arena Pinewood Golf Course Equipment Certificate Sanitary Landfill Safety Storm Sewer $11,605,750 $ 62,800 $ 845,150 $ 234,600 $ 343,400 $ 199,050 $ 33,800 $ 100,000 Enterprise Funds Sewer Garbage Liquor Revenue $2,253,400 $1,171,500 $6,054,850 Expense $1,981,000 $1,139,800 $5,730,250 Net Effect $ 272,400 $ 31,700 $ 324,600 S:\Council\Lori\2006\Final2007 budget adopt 12 018 06.doc