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CC CASE # <br />ADOPT RESOLUTION APPROVING PROPOSED 2011 PAYABLE TAX LEVY <br />By: Diana Lund, Finance Director <br />Background: <br />Proposed 2011 Payable Tax Levy <br />Proposed Tax Levies: <br />General Fund Levy $6,992,127 <br />EDA Levy (Included in General Levy) 291,705 <br />Debt Service Levy - CIP Bond- <br />(Fire Station #1) (Being Requested) 150,121 <br />Certificates of Indebtedness (2006 Cap Equip Cert) <br />(Being Requested) 186,441 <br />Debt Service Levy -Lease Revenue Bond- <br />(Municipal Center) (Being Requested) 508.215 <br />TOTAL PROPOSED LEVY - 2011 8 128 60 <br />The attached resolution, as it is presented, reflects a levy of $8,128,609. The proposed levy for <br />2011 reflects a $413,721 or 4.84% decrease from the adopted levy in 2010 of $8,542,330. <br />While the proposed levy can always be reduced, it cannot be increased without "higher" level <br />approval through anappeals process. <br />The proposed levy must be certified to Anoka County by Wednesday, September 15, 2010. <br />Therefore, the Council must make a decision at tonights meeting as to the amount of this levy. <br />Schedule Budget Public Hearing Date <br />The Truth in Taxation law was changed in 2009. The City is no longer required to hold a special <br />TNN hearing or to publish a notice of the TNT hearing. In lieu of the eliminated formal TNT <br />hearing, the City is required to hold a regularly scheduled meeting at which the budget and levy <br />will be discussed. The City may adopt the budget and levy immediately following. The public <br />meeting must be held between November 25 and December 27 and held after 6:00 P.M. <br />N~~3 <br />• <br />