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Of <br />W&NMN <br />N <br />the city that works for you <br />Report Number: <br />Agenda Section: / <br />Report Date Sept. 4, 2007 <br />Council Meeting Date Sept. 11, 2007 <br />REQUEST FOR COUNCIL CONSIDERATION <br />ITEM DESCRIPTION: RESOLUTION ADOPTING THE PROPOSED TAX LEVY FOR TAXES <br />PAYABLE IN 2008 AND THE 2008 PROPOSED BUDGETS AND SETTING THE DATES FOR <br />THE TRUTH IN TAXATION HEARING AND CONTINUATION HEARING <br />DEPARTMENT HEAD'S APPROVAL: <br />CITY MANAGER'S APPROVAL: <br />No comments to supplement this report LJ Comments attached <br />Recommendation: To adopt the RESOLUTION ADOPTING THE PROPOSED TAX <br />LEVY FOR TAXES PAYABLE IN 2008 AND THE 2008 PROPOSED BUDGETS AND TO <br />SET THE DATES FOR THE TRUTH IN TAXATION HEARING AND CONTINUATION <br />HEARING. <br />Legislative History: The City is required to adopt a proposed property tax levy for <br />taxes payable in 2008 and certify it to the County on or before September 15, 2007. <br />This proposed tax levy will be used by Ramsey County to prepare parcel specific tax <br />notices which are mailed to every property owner within the City later in November. <br />The City is also required to certify the dates selected for our Truth in Taxation (TNT) <br />hearing, and a continuation hearing, if necessary, to Ramsey County on or before <br />September 15. Monday, December 3rd, has been reserved exclusively for cities. It is <br />recommended that the TNT hearing will be held Monday, December 3rd at 6:30 p.m. <br />The continuation hearing, if necessary, will be held on Tuesday, December 12th at 6:30 <br />p.m. The final budgets and tax levies will be considered for adoption during the regular <br />City Council business meeting on Tuesday, December 12th. The date, time and place <br />for the scheduled public hearings will be included on the County's parcel specific <br />notices. <br />Financial Impact: The currently proposed 2008 Budget includes a proposed tax levy <br />of $7,248,200 for taxes payable in 2008. The proposed levy is an increase of 394%, <br />over the 2007 levy. <br />Explanation: The 2008 Budget outlines key issues and financing strategies for our <br />municipal operations during the year. The budget has also been used to determine the <br />proposed property tax levy payable in 2008. The proposed levy is the maximum which <br />can be adopted for 2008; however, it can be reduced prior to the adoption of the final <br />budgets and tax levy in December. <br />40 The proposed 2008 budget for the General Fund is $12,837,000 compared to <br />$12,362,400 in 2007, an increase of 3.84%. Some of the significant changes from 2007