09-09-2002 CC MIN - Laserfiche WebLink

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City Council Nfinutes September 9, 2002 5.1. Consider Maximum Tax Lew Resolution for Taxes PavaNe in 2003 5.2. 5.3. 5.4. 5.5. Consider EDA Tax Levy. Resolution for Taxes Payable in 2003 Consider HRA Tax Lev~ Resolution for Taxes Payable in 2003 Set Truth in Taxation Public Hearing Date Consider Debt Service Levy. Adjustments Page 2 City Administrator Pat Klaers provided an overview of the general fund budget and tax levy situation. It was noted that excluding any gas franchise revenues that there is a $79,100 gap between projected revenues and requested expenditures. The budget shows revenues at $7,653,950 and expenditures at $7,733,050. The expenditures represent a 7.17% increase over the adopted 2002 budget. It was further noted by the City Admimstrator that if the gas franchise fee is not authorized, then furflaer budget adjustments will be required. The City Administrator stated that the county is projecting that the city net tex capacity will increase by 14.44% in 2003 and that the market value will go up by approximately 16%. Based on the proposed tax levy resolution, this means that the city tax rate will go from 43.6 to 44.513, which is a 2.1% increase. Finance Director Lori Johnson dismbuted a revised tax levy resolution. The revised resolution had two adjustments and the total levy amount is being reduced by approxi.mately $19,000 to a revised total of $5,980,161. It was noted that this total tax levy includes the $634,000 pubhc safety lease revenue bonds. The Finance Director also noted that the EDA and HRA have approved their tax levy resolutions and that both entities are proposing to levy to the maximum amount allowed by law. Finally, the Finance Director reviewed the debt levy adjustments. COUNCILMEMBER TVEITE MOVED TO APPROVE RESOLUTION 02-83 AUTHORIZING THE PROPOSED PROPERTY TAX LEVY FOR COLLECTION IN 2003. COUNCILMEMBER DIETZ SECONDED THE MOTION. THE MOTION CARRIED 5-0. COUNCILMEMBER MOTIN MOVED TO APPROVE RESOLUTION 02-84 APPROVING THE 2003 TAX LEVY FOR ECONOMIC DEVELOPMENT PURPOSES FOR THE ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY. COUNCILMEMBER TVEITE SECONDED THE MOTION. THE MOTION CARRIED 5-0. COUNCILMEMBER MOTIN MOVED TO APPROVE RESOLUTION 02-85 APPROVING THE HOUSING AND REDEVELOPMENT AUTHORITY 2003 TAX LEVY. COUNCILMEMBER DIETZ SECONDED THE MOTION. THE MOTION CARRIED 5-0. The City Council discussed meeting dates for the Truth in Taxation Public Hearing on the proposed budget and tax levy. COUNCILMEMBER TVEITE MOVED TO CALL A SPECIAL CITY COUNCIL MEETING FOR MONDAY, DECEMBER 2, 2002 TO HOLD A PUBLIC HEARING ON THE PROPOSED 2003 BUDGET AND TAX LEVY AND TO HAVE THE CONTINUATION DATE FOR THIS HEARING ON THE TAX LEVY AND BUDGET BE DECEMBER 9, 2002 AT 6:30 P.M. COUNCILMEMBER KUESTER SECONDED THE MOTION. THE MOTION CARRIED 5-0.