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percent increase is what we needed to operate; therefore, we are providing Council with the tool to do that. Councilmember Hardin stated this looks like a win-win situation except Council prefers not to use the contingency fund. We can do this without raising people's taxes on the City level. He stated he is in favor of moving ahead based on the numbers that Staff has provided. It will keep that tax increase at as low a level as possible. Councilmember Zimmerman stated he would be in favor of keeping the level discussed earlier and presenting a balanced budget. He recommended that the City remain with the number that was sent out on the resident's estimated tax statements. Councilmember Hardin recommended that the number be lowered by approximately $33,000. Mayor Gilbertson stated that the position that has to be taken is one that will pay the bills. Mr. Schroeder stated that with Councilmember Hardin's recommendation, there will be a $33,000 amount in the contingency account. With Councilmember Zimmerman's recommendation, there will be a $61,000 contingency amount. Ms. Hart stated that Staff presented a balanced budget document. If Council adopts it at $33,000 more than in that budget, this balances it to the higher level. If Council wants to lower it, this reduces the contingency. Councilmember Hardin stated we can still get what we need without raising the taxes, it's just that the contingency fund will be lower. Councilmember Zimmerman inquired why should we change what we voted on back in September. Mr. Schroeder stated that what was discussed in September was that we needed a 3.78 percent increase, but as a precaution we passed a larger increase and we did need more, but we are providing you with an opportunity to go lower. He added that the City's increase would be minor in comparison to the school district. Motion by Councilmember Zimmerman and seconded by Mayor Gilbertson to leave the levy at the maximum with a $61,000 contingency. Motion carded. Voting Yes: Mayor Gilbertson and Councilmember Zimmerman. Voting No: Councilmember Hardin. Absent: Councilmembers Beyer and Peterson. Ms. Hart stated she would amend the budget document according to what happens at the Council level. Case #5: Update of 1995 Truth in Taxation Budget Public Hearing Information Finance Officer Hart reminded the Finance Committee that the 1995 Truth in Taxation Budget Public Hearing is scheduled for Wednesday, November 30, 1994, at 7:00 p.m. The information for the hearing will be distributed in a special agenda packet on Friday before the public hearing and will include a copy of the Proposed 1995 General Fund Budget as well as other information that will be reviewed at the public heating. Ms. Hart stated there is no action necessary for this case. Finance Committee/November 22, 1994 Page 4 of 5