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<br />CC CASE # <br /> <br />9 <br /> <br />ADOPT RESOLUTION APPROVING PROPOSED 2010 PAYABLE TAX LEVY <br />By: Diana Lund, Finance Officer <br /> <br />Background: <br /> <br />Proposed 2010 Payable Tax Levy <br /> <br />Proposed Tax Levies: <br />General Fund Levy <br />EDA Levy (Included in General Levy) <br />Debt Service Levy - CIP Bond- <br />(Fire Station # 1) (Being Requested) <br />Certificates ofIndebtedness (2005 Cap Equip Cert) <br />(Being Requested <br />Certificates of Indebtedness (2006 Cap Equip Cert) <br />(Being Requested) <br />Debt Service Levy - Lease Revenue Bond- <br />(Municipal Center) (Being Requested) <br />Drainage District Levy (Mississippi Subdrainage) <br /> <br />$7,194,194 <br />291,705 <br /> <br />153,925 <br />218,400 <br /> <br />187,491 <br /> <br />496,615 <br /> <br />43,348 <br /> <br />TOTAL PROPOSED LEVY -2010 <br /> <br />$8.585.678 <br /> <br />The attached resolution, as it is presented, reflects a levy of $8,585,678. The proposed levy for <br />2010 reflects a $933,408 or 9.8% decrease from the adopted levy in 2009 of$9,519,086. <br /> <br />While the proposed levy can always be reduced, it cannot be increased without "higher" level <br />approval through an appeals process. <br /> <br />The proposed levy must be certified to Anoka County by Tuesday, September 15, 2009. <br />Therefore, the Council must make a decision at tonights meeting as to the amount of this levy. <br /> <br />Schedule Budget Public Hearing Date <br /> <br />The Truth in Taxation law has changed from last year. The City is no longer required to hold a <br />special TNN hearing or to publish a notice of the TNT hearing. In lieu of the eliminated formal <br />TNT hearing, the City is required to hold a regularly scheduled meeting at which the budget and <br />levy will be discussed. The City may adopt the budget and levy immediately following. The <br />public meeting must be held between November 25 and December 26 and held after 6:00 P.M. <br />