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<br />r I ~"'( <br />( II <br />!Ii{ River <br /> <br />ITEM 8. <br /> <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />MAYOR & CITY COUNCIL /L C \ <br />LORI JOHNSON, FINANCE DIRECTOR~ <br />SEPTEMBER 7, 1994 <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: BUDGET AND TAX LEVY <br /> <br />As you know, the maximum tax levy must be certified to the Sherburne <br />County Auditor on or before September 15. That means that at Monday <br />night's meeting there are several action items that the Council must take. <br /> <br />1. Debt Service Levies - Each year each of the debt service funds is <br />analyzed in order to determine whether the scheduled tax levy <br />needs to be adjusted either up or down. For taxes payable in <br />1995 there are three debt levies which require adjustment. <br /> <br />. <br /> <br />. 1991 Equipment Certificate . the scheduled levy of <br />$23,822 can be reduced by $5,000 to $18,822 as <br />adequate cash is available due to the 5 percent over <br />levy and a lower than anticipated interest rate on the <br />certificate. <br /> <br />. 1986 Improvement Bond - the scheduled levy of <br />$12,250 can be canceled as sufficient cash is available <br />from prepaid assessments. <br /> <br />. 1992C Improvement Bond - the scheduled levy of <br />$12,509 can be canceled as sufficient cash is available <br />and a Letter of Credit is in place to cover any potential <br />shortfalls. <br /> <br />2. <br /> <br />Truth in Taxation Public Hearing Date - The City is required to <br />hold its Truth in Taxation hearing and continuation hearing <br />between November 29 and December 19. There must be at least <br />five but no more than 14 business days between the initial and <br />the continuation hearings. Staff is proposing that the initial <br />hearing be scheduled for 7:00 p.m., on Monday, December 5, and <br />the continuation hearing, if necessary, on either December 12 or <br />December 19. If a continuation hearing is not necessary, it <br />would be appropriate for the Council to adopt the final levy and <br /> <br />. <br /> <br />P.O. Box 490 · 13065 Orono Parkway · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br />