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<br />CITY COUNCIL WORK SESSION <br />Topic Report: 2007 Budget and Levy <br />By: Diana Lund, Finance Officer <br /> <br /> <br />Background: <br /> <br />The Truth and Taxation meeting is soon approaching - December 4, at 6:00 p.m. to be <br />exact. The City has received the 2007 proposed levy numbers from the County, and the <br />City's tax capacity rate came in at 41.88%. The City had proposed an estimated tax <br />capacity rate of38.9%, but due to an error in not removing the fiscal disparities <br />contribution, the City's taxable value was overstated. <br /> <br />Staff has prepared various scenarios reflecting the City's taxable market value with a tax <br />capacity rate of 41.88%,40.23% and 39.87%. These options will be handed out at the <br />night of the worksession for further discussion. <br /> <br />Action Statement: <br /> <br />Continued discussion regarding the 2007 General Fund Budget. <br /> <br />CCWS: 11/21/06 <br />