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~ty of <br /> <br />iver <br /> <br />ITEH 7. <br /> <br />MEMORANDUM <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Mayor & City Council <br />Pat Klaers, City Adm~A~ator <br /> <br />December 2, 1996 ~ <br /> <br />Budget Memo <br /> <br />The City of Elk River General Fund budget public hearing is scheduled for 7 <br />p.m., Monday, December 2, 1996, at the Elk River City Hall. This public <br />hearing on the budget and tax levy is required by the Truth in Taxation Law. <br />The purpose of this public hearing is to receive citizen input on the proposed <br />1997 city budget and tax levy. <br /> <br />Notice of this public hearing has been sent out by the county to each property <br />owner within the city. Part of this notice included information on the <br />property owners proposed city, school, and county taxes for 1997. A public <br />hearing notice for this meeting and a budget and tax levy article was <br />published in the November 27, 1996, Elk River Star News. <br /> <br />In September, 1996, the City Council adopted the proposed maximum budget <br />and levy. The budget was not balanced at that time and there was a $75,400 <br />gap between available revenues and desired expenditures. On November 25, <br />1996, the City Council met and eliminated this budget gap and approved a <br />draft balanced budget in the amount of $4,535,850. The 1997 budget <br />proposal reflects a 10.77 percent or $441,100 increase over the adopted 1996 <br />budget. <br /> <br />The city net tax capacity is up approximately 12 percent in 1997. This <br />growth in the net tax capacity provides the city with additional general fund <br />tax revenues without a tax rate change. The proposed budget reflects a 3 <br />percent increase in the city tax rate. The proposed 3 percent tax rate <br />increase generates an additional $87,700 for general fund purposes. <br /> <br />The proposed city net tax levy for 1996 is $2,968,809. Of this total, <br />approximately 83 percent or $2,465,904 is for general fund activities. The <br />balance, approximately 17 percent of the total net tax levy, is used for other <br />City Council approved expenditures such as equipment certificates, operating <br />and maintaining the library, special assessments, the dam loan, etc. <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br /> <br /> <br />