Agenda - Council - 07/26/1983 - Laserfiche WebLink

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I I I I I LEVY LIMIT BASE ADJUSTMENT FOR SURPLUS FUNDS EXPENDED IN CALENDAR YEAR 1981 (Line 5 for Counties, Line 6 for Cities) I I Any county or city that reduced its unreserved, undesignated fund balances because of spending for nonspecial levy purposes in calendar year 1981 may apply to the Commissioner of Revenue for a levy limit base adjustment in an amount not to exceed the reduction in the fund balances. This it can do by addressing a letter to the Department of Revenue requesting the levy limit base adjustment in a specific amount, and demonstrating how the adjustment is calculated. In order to qualify, expendi- tures for nonspecial levy purposes in 1981 must have exceeded revenues, and the excess of expenditures over revenues must have been financed by a decrease in the unreserved, undesignated fund balances of one or more funds. Actual data, rather than budgeted data, must be used for this analysis. A copy of your audited financial statements for calendar year 1981, showing revenues and expenditures and changes in fund balances,~.~bould be submitted as part of your application. If the Depart~ent'of Revenu~ approves a levy limit base adjustment for surplus funds expended for nonsp~ial levy purposes in calendar year 1981, there are several further steps that you mus~'take 'before~.~t~e levy limit base adjustment becomes effective. These steps are the following: l) 2) I 3) Pass a resolution stating the amount of the proposed levy limit base increase. Publish the resolution for two successive weeks in the official newspaper of the governmental sudivision, or, if there is no official newspaper, in a news- paper of general circulation in the governmental subdivision, along with a notice fixing a date for a public hearing on the proposed levy limit base increase. Hold the hearing not less than two weeks nor more than four weeks after the first publication of the resolution. I4) Either take no further action, adopt a resolution approving the increase as originally proposed or adopt a resolution approving a lesser amount. I I Publish the resolution authorizing a levy limit base increase in the official newspaper of the governmental subdivision or if there is no official newspaper, in a newspaper of general circulation in the governmental subdivision. ~.lait 30 days after the publishing of the final resolution to allow time for the voters to circulate a petition requesting a referendum on the proposed increase in the levy limit base. If within the 30 day period, a petition signed by voters equal in number to five percent of the votes cast in the governmental subdivision in the last general election or 2,000 voters, whichever is less, is filed with the county auditor or city clerk as the case may be, the resolution is not effective until it has been approved by a majority of the voters at a general or special election. The form of question to be presented at the referendum on the proposed levy limit base increase must be approved by the Department of Revenue.