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adjustments needed drop from $415,100 to $200,100. Additional budget adjustments will be proposed to <br />the Council later based on the adopted proposed tax levy. <br />It is important to remember that the tax levy can be decreased in December when the final levy is <br />improved, but it can not be increased. Therefore, it is best to not be overly conservative when setting the <br />proposed levy because if the NTC increases more than estimated, the levy can not be increased to reflect <br />the additional tax revenue that would be generated by the additional net tax capacity growth. <br />Staff will be prepared to discuss the tax rate, NTC, and levy amounts in more detail at the meeting. <br />Hopefully, the County will provide the estimated NTC data prior to the meeting so we can base our <br />discussion on actual data instead of assumptions. Finance Director Tim Simon and I will be prepared to <br />go over the tax levy and budget data in as much detail as the Council wants at the work session. <br />Attachments <br />^ Preliminary Levy and Tax Rate Data <br />^ Resolution Authorizing the Proposed Property Tax Levy for Collection in 2009 <br />^ Resolution Approving the Housing and Redevelopment Authority 2009 Tax Levy <br />^ Resolution Approving the 2009 Tax Levy for Economic Development Purposes for the Elk River <br />Economic Development Authority <br />^ Proposed 2009 General Fund Budget Summary <br />Action Motion by Second by Vote <br />Follow Up <br />S:\Council\Lori\2008\Budget Discussion 09 02 08.doc <br />