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contribution in 2008, $5,000 more than the amount in the proposed budget. Before adoption of the final <br />budget, the Council should act on that request. Second, in November the Council authorized an increase <br />in the flexible spending account contribution for employees. The additional benefits cost will be offset <br />by budget reductions; however, the exact budget reductions will not be determined until the additional <br />benefit cost is known around December 10. Neither of these two budget requests will affect the total of <br />either the tax levy or the General Fund budget because any budget increase will be offset by a budget <br />reduction. <br />Below are highlights of the information that will be presented at the Truth in Taxation hearing: <br />^ Estimated tax rate based on proposed levy - 42.530% <br />o This is a decrease from last year's tax rate of 43.056% <br />o The city's net tax capacity is estimated by Sherburne County to increase 11.65% to <br />25,302,506 <br />^ Proposed levy - $10,761,311 <br />o Increase of $1,004,254 <br />^ Proposed General Fund budget - $12,493,450 <br />o Increase of $887,700 <br />o Revenues by Source <br />^ Taxes - 73.6% <br />^ Intergovernmental Revenues - 7.8% <br />^ Charges for Services - 6.1% <br />^ Fines and Forfeits -1.3% <br />^ Licenses & Permits - 5.4% <br />^ Other Revenues - 2.0% <br />^ Transfers - 3.8% <br />o Expenditures by Category <br />^ General Government - 22.9% <br />^ Public Safety - 46.1% <br />^ Public Works -15.6% <br />^ Culture & Recreation - 13.2% <br />^ Transfers - 2.2% <br />o Expenditure Allocation <br />^ Personal Services - 71.3% <br />^ Supplies - 8.1 <br />^ Other Charges & Services - 16.0% <br />^ Capital Outlay - 2.5% <br />^ Transfers Out - 2.1 <br />Attachments <br />^ Truth in Taxation presentation handout <br />^ Sample parcel specific notice <br />^ General Fund Source of Funds <br />^ General Fund Appropriations Summary <br />S:\Council\Lori\2007\Tmth in Taxation PH.doc <br />