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Agenda Section: V I I I-1 <br /> CITY OF NEW BRIGHTON <br /> Report Number: 9 7-2 6 7 <br /> REQUEST FOR COUNCIL CONSIDERATION 1 <br /> iReport Date: December 15. 1997 <br /> ITEM DESCRIPTION:RESOLUTIONS APPROVING THE 1998 BUDGET AND TAX LEVY <br /> DEPT. HEAD'S APPROVAL: <br /> MANAGER'S REVIEW/RECOMMENDATION: <br /> No comments to supplement this report '' Comments attached <br /> Explanation. The annual budgeting process represents a major undertaking for Council and staff Work on the <br /> budget begins in May and does not conclude until December. The Annual Budget provides a definitive statement of <br /> the services that the City will provide during the upcoming year. <br /> As the last two steps in the budgeting process, the Council must: <br /> Adopt the 1998 Annual Budget <br /> Adopt the 1998 Tax Levy <br /> During the public hearing on December 10th,the budget and tax needs were discussed in detail. Copies of the <br /> tolget will be available at the local libraries early in January, 1998. <br /> Of special note regarding property taxes, the final levy ($2,959,843), will require an increase in taxes of about 50% <br /> of the amount originally advertised in the truth in taxation notices. The smaller change in taxes is possible because <br /> of lower service costs and additional non-tax revenues. <br /> Recommendation. To waive the reading and adopt the RESOLUTIONS APPROVING THE 1998 ANNUAL <br /> BUDGET AND HE TAX LEVY <br /> oiri <br /> M _ <br /> Margaret A. Egan <br /> Finance Director <br /> I/Shared/Co un ciUFin an ce/Ra ports/98Levy <br /> 0 <br />