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REQUEST FOR ACTION <br />To Item Number <br />Ci Council 9 <br />Agenda Section Meeting Date Prepared by <br />S ecial Meetin December 8, 2008 Lori ohnson, Ci Administrator <br />Item Description Reviewed by <br />Resolution Adopting Final Tax Levy for Taxes Payable in 2009 <br />and Consider Adoption of 2009 Budgets Reviewed by <br />^ General <br />^ Special Revenue <br />^ Ente rise <br />Action Requested <br />Adopt resolution authorizing the property tax levy for collection in 2009 and adopt General, Special <br />Revenue, and Enterprise fund budgets. <br />Background/Discussion <br />The City's Truth in Taxation hearing was held on December 1 at which time the tax levy and budgets <br />were presented. Several individuals spoke at the public hearing. Following the hearing, the Council <br />discussed the comments from the public and provided direction to staff on changes to the levy and <br />budget. The Council directed staff to reduce the tax levy to an amount that would produce a tax rate of <br />43.056. The Council further concurred with the proposed general fund budget adjustments listed in the <br />memo. <br />The attached resolution authorizes a property tax levy for collection in 2009 of $11,190,753. Based on <br />the current estimated net tax capacity provided by Sherburne County, this levy will result in a tax rate of <br />43.056. This is slightly less than the tax rate of 43.210 used for the proposed property tax notices; <br />therefore, the actual City tax will be less than the amount listed on the proposed property tax notice. <br />(The final tax rate may change slightly due the changes in the final NTC as determined by Sherburne <br />County.) <br />The proposed adjustments have been made to the general fund budget as directed. The special revenue <br />and enterprise fund budgets are the same as presented at last week's meeting. The adjustments to the <br />general fund are included in the attached revenue and appropriations summaries. Below is a summary of <br />the budgets to be approved: <br />General Fund <br />Special Revenue Funds: <br />Library <br />Ice Arena <br />Pinewood Golf Course <br />Sanitary Landfill <br />Storm Sewer <br />Safety <br />$12,636,100 <br />$ 89,800 <br />$ 983,900 <br />$ 273,000 <br />$ 178,400 <br />$ 84,000 <br />$ 27,250 <br />S:\Council\Lori\2008\Budget adoption 12 08 08.doc <br />