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ity of <br />Elk River TO: <br />MEMORANDUM <br />Mayor and City Council <br />ITEM 5.18 <br />FROM: Pat Hlaers - City Administrator <br />i <br />DATE: December 18, 1995 �! <br />SUBJECT: Budget and Tax Levy Resolution <br />In September the City Council adopted its proposed maximum budget and <br />tax levy resolution. The Truth in Taxation public hearing was held on <br />December 11, 1995, in order receive public input on the proposed budget and <br />tax levy for 1996. The budget is proposed in the amount $4,094,750. This is <br />a 9.71% or $362,500 increase over the adopted 1995 budget. Almost all of the <br />increase in expenditures is related to personnel issues. <br />The net tax levy for 1996 is proposed in the amount of $2,570,439. The <br />proposed net levy is $347,092 more than the adopted 1995 net levy. Almost <br />all of the net levy increase is for general fund purposes. The majority (82.8%) <br />of the net tax levy is for general fund activities. <br />Attached for your consideration is a resolution that approves the budget and <br />tax levy for 1996. <br />13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425 <br />