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CC Work Session 2. 1. <br />Meeting Date: 08/30/2011 <br />By: Diana Lund, Finance <br />Title: <br />2012 General Fund Budget <br />Background: <br />Continued discussion of the 2012 General Fund budget. <br />Discussion will include the legislative change in the market value homestead credit. Prior to payable 2012, the <br />market value homestead credit was subtracted from the gross property tax bill and the homeowner paid the net tax. <br />For 2012, the monetary reduction is gone and a reduction in the taxable value of the home will take its place. The <br />net result is an overall reduction of the city's total taxable tax capacity. <br />Other items that need to be addressed are the net effects on later years for using one -time money in 2012 for <br />reducing debt and street maintenance costs, as well as the effect of having TIF 1 come back online for 2012. <br />Funding Source: <br />None Required. <br />Council Action: <br />Discussion only. Preliminary budget will need to be adopted by September 13, 2011. <br />Preliminary 2012 General Fund Budget <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Jo Thieling 08/25/2011 09:48 AM <br />Heidi Nelson Heidi Nelson 08/25/2011 10:22 AM <br />Diana Lund (Originator) Diana Lund 08/25/2011 11:29 AM <br />Form Started By: Diana Lund Started On: 08/24/2011 11:17 AM <br />Final Approval Date: 08/25/2011 <br />