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..,.... <br />Elk <br />River <br />City of Elk River Item Number <br />REQUEST FOR COUNCIL ACTION 7.5. <br />Agenda Section Meeting Date Prepared by <br />Administration December 17, 2007 Lori ohnson, Ci Administrator <br />Item Description Reviewed by <br />Resolution Adopting Final Tax Levy for Taxes Payable in 2008 <br />and Consider Adoption of 2008 Budgets <br />^ General <br />^ Special Revenue <br />^ Enterprise <br />Action Requested <br />Adopt resolution authorizing the property tax levy for collection in 2008 and adopt General, Special <br />Revenue, and Enterprise budgets. <br />Background/Discussion <br />The City's Truth in Taxation hearing was held on December 3 at which time the tax levy and budgets <br />were discussed and the public was invited to comment and provide input to the council. No one in <br />attendance spoke at the Truth in Taxation hearing. <br />The attached resolution authorizes a property tax levy for collection in 2008 of $10,761,311; this is <br />identical to the proposed levy approved in September. This levy results in a tax rate decrease and a <br />resulting tax reduction for property owners whose property value did not change. <br />The Council has reviewed the details of the various budgets at numerous Council meetings so detail is not <br />presented in this memo. No adjustments are proposed to the budgets with the exception with the <br />General Fund Budget. The General Fund Budget is being adjusted to accommodate the approved <br />increase in the City's contribution to the flexible benefits plan; however, the total budget does not change <br />from the proposed total of $12,493,450. The budget increase of $29,000 is off-set by decreases in the <br />Recreation, Community Development, and Police department budgets mainly because staff positions will <br />not be filled immediately and small tuition reimbursement in Recreation that is no longer applicable. See <br />the attached Appropriations Summary for detail on these adjustments. Below is a summary of the <br />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 />$12,493,450 <br />$ 86,350 <br />$ 976,250 <br />$ 280,400 <br />$ 264,500 <br />$ 105,000 <br />$ 39,250 <br />S:\Council\Lori\2007\Fina12008 budget adopt 1217 07.doc <br />