Agenda - Council - 09/13/2011 - Laserfiche WebLink

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CC Regular Session 7. 2. Meeting Date: 09/13/2011 By: Diana Lund, Finance Title: Adopt Resolution Approving Proposed 2012 Payable Tax Levy Background: Proposed 2011 Payable Tax Levy Proposed Tax Levies: General Fund Levy $7,028,835 EDA Levy (Included in General Levy) 169,853 Debt Service Levy — CIP Bond - (Fire Station #1) (Being Requested) 151,386 Certificates of Indebtedness (2006 Cap Equip Cert) (Being Requested) 185,194 Debt Service Levy — Lease Revenue Bond - (Municipal Center) (Being Requested) 910,215 TOTAL PROPOSED LEVY — 2012 $8,445,483 The attached resolution, as it is presented, reflects a levy of $8,445,483. The proposed levy for 2012 reflects a $316,874 or 3.90% increase from the adopted levy in 2011 of $8,128,609. With TIF #1 set to decertify December 2011, an estimated $271,000 of levy value is proposed to come back to the city leaving a net levy increase of $45,874 or a 0.56% change in levy. While the proposed levy can always be reduced, it cannot be increased without "higher" level approval through an appeals process. The proposed levy must be certified to Anoka County by Thursday, September 15, 2011. Therefore, the Council must make a decision at tonights meeting as to the amount of this levy. Schedule Budget Public Hearing Date: The Truth in Taxation law was changed in 2009. The City is no longer required to hold a special TNT hearing or to publish a notice of the TNT hearing. In lieu of the eliminated formal TNT hearing, the City is required to hold a regularly scheduled meeting at which the budget and levy will be discussed. The City may adopt the budget and levy immediately following. The public meeting must be held between November 25 and December 27 and held after 6:00 P.M. Staff is recommending that the public meeting be held at its regularly scheduled meeting of December 13, 2011, with adoption of the 2012 General Fund Budget and levy to immediately follow. The public meeting date must be certified to Anoka County by Thursday, September 15, 2011; therefore, the City Council must make a decision as to the date selected for the 2012 payable public meeting at tonights meeting. Recommendation: