5.1. SR 09-10-2007 - Laserfiche WebLink

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REQUEST FOR ACTION To Item Number Ci Council 5.1. Agenda Section Meeting Date Prepared by Worksession Se tember 10, 2007 Lori Johnson, Ci Administrator Item Description Reviewed by 2008 Budget and Tax Levy Reviewed by Action Requested Adopt the following resolutions: • Resolution Authorizing the Proposed Property Tax Levy f or Collection in 2008. • Resolution Approving the Housing and Redevelopment Authority 2008 Tax Levy • Resolution Approving the 2008 Tax Levy for the Economic Development Purposes for the Elk River Economic Development Authority. By motion, set the Truth-in-Taxation hearing for Monday, December 3, 2007, at 6:30 with the continuation hearing for Monday, December 10, 2007, at 6:30. Background/Discussion The proposed maximum tax levies for the City, EDA, and HRA must be certified to the county auditor no later than September 15. Council must also set the date and time for the Truth-in-Taxation and continuation hearings. The Council has discussed the budget and tax levy in detail at several worksessions; the proposed tax levy and budget reflect the decisions made by the Council during those meetings. The Cit~s proposed tax levy is $10,761,311 plus $310,215 for the voter approved referendum. Excluding the referendum levy, the levy is proposed to increase $1,004,254 or 10.29 percent. However, because the net tax capacity (NTC) is estimated by the CountyAssessor to increase 11.65 percent, the Cit~s tax rate is proposed to decrease from 43.056 percent to 42.531 percent. The estimated referendum tax rate is .000143. This levy is applied to the market value of property instead of the NTC. C-f course, both of these rates will change slightlybased on the Cit~s final NTC as determined bythe County Assessor. The referendum levy is less than originally estimated at the time of the election because of the Sherburne County Landfill Abatement Legacy Grant that was awarded f or this project. The grant will be used to reduce the referendum tax levy by $250,000 for the next five years and by $189,000 for the sixth year of the levy. The proposed General Fund budget is $12,475,700 with the minor changes made at the last work session and several other small corrections and adjustments. This is an increase of 7.5 percent over the 2007 budget. Attached is a summary of the proposed General Fund budget showing the proposed budget and the change f rom the 2007 budget. S:\Cotmcil\Lori\2007\Budget & Levy Approva109 10 07.doc