6. SR 12-05-1994 - Laserfiche WebLink

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rei ~'\) ( )j ~Iil ITEM 6. MEMORANDUM TO: MAYOR AND CITY COUNCIL FROM: CITY ADMINISTRATOR 1~ DECEMBER 1, 1994 SUBJECT: 1995 BUDGET MEMO DATE: INTRODUCTION The City of Elk River General Fund Budget public hearing is scheduled for 7:00 p.m., Monday, December 5,1994, at the Elk River City Hall. This public hearing is required by the Truth in Taxation law. The purpose of the public hearing is to receive citizen input on the proposed 1995 City of Elk River budget and tax levy. e Notice of this public hearing has been sent out by the County to each property owner within the City. Along with this notice for the public hearing was information on the property owners' proposed taxes. A public hearing notice for this meeting was published in the 11/30/94 Elk River Star News. Information on the 1995 proposed budget, the tax rate, and this public hearing was also published in the December 1994 City Newsletter. In September 1994, the City Council adopted the proposed maximum budget and levy. Since September, the City Council has reviewed various components of the budget at a number of meetings. For this December public hearing, a balanced budget in the amount of $3,732,250 is proposed. This 1995 budget proposal reflects a 9.94% or $337,500 increase over the adopted 1994 budget. . The proposed City net tax levy for 1995 is $2,223,347. Of this total, approximately 80% or $1,791,125 is for General Fund activities. The balance (20% of the total tax levy) is used for special assessments, equipment certificates, previous bond issues, the dam loan, the library, and the new surface water management program. The proposed net levy increase for 1995 is $478,499. Almost all of this increase is for the General Fund ($294,237) and for the new Surface Water Management Fee program ($164,533). 13065 Orono Parkway. P.O. Box 490. Elk River, MN 55330. (612) 441-7420. Fax: (612) 441-7425