5. SR 12-03-2007 - Laserfiche WebLink

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Elk REQUEST FOR ACTION River To Item Number Ci Council 5• Agenda Section Meeting Date Prepared by Truth in Taxation December 3, 2007 Lori ohnson, Ci Administrator Item Description Reviewed by Truth in Taxation Public Hearing Reviewed by Action Requested Presentation of the budget and tax levy to the public including information on the city's tax levy and budgets after which the Council is required to hold a public hearing to take public input on the tax levy and budget. Background/Discussion All of the budgets and the tax levy have been discussed in detail by the Council at several public meetings starting in June with adoption of the proposed budget and tax levy in September. Prior to opening the truth in taxation hearing, Finance Director Tun Simon and I will give a presentation on the proposed tax levy, the estimated tax rate, the general, special and enterprise budgets, and other related tax information. Anyone in attendance will then be invited to comment on the budget or tax levy during the public hearing. At least year's public hearing, a video produced by the League of Minnesota Cities, the Association of Minnesota Counties, and the Minnesota School Board Association entitled "14 Reasons Why Property Taxes Go Up and Down," was shown. Two informational bulletins were produced in conjunction with the video, one with the same title and one titled the Guide to Minnesota's Property Tax System. These provide excellent information to the public about their property taxes. Both are attached and copies will be available to the public at the meeting. At the Truth in Taxation Hearing, we will be talking only about the city's share of property tax, which is about 30% of the total property tax paid by most taxpayers. (This percentage varies depending upon the classification and value of the property.) Individual property values and changes in property values will not be addressed at this meeting. Any questions property owners have about their property value should be directed to the county assessor or brought to the annual Board of Equalization meeting in the spring. The city property tax for property owners whose property value did not change will decrease in 2008. The tax rate is proposed to decrease from 43.056 to 42.530. The amount payable to special taxing districts will increase because the referendum for the YMCA is payable to the EDA and is included under special taxing districts. There are a two outstanding General Fund budget items to be addressed by the Council after the public hearing. First, the Council recently heard a request from the Elk River Area Arts Alliance fora $15,000 S:\Council\Lori\2007\Tnxth in Taxation PH.doc