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<br />Case #14: <br /> <br />Report from Finance Committee <br /> <br />. <br /> <br />1) Review and Adopt 2007 Tax Levy and General Fund Budget <br /> <br />Moved in the agenda to follow Case No. 14!3. <br /> <br />2) Review and Adopt 2007 EDA Levy <br /> <br />Finance Officer Lund reported the proposed amount of the EDA levy is $393,375. This is the <br />exact amount recommended by the.EDA at the September 7,2006 EDA meeting and adopted by <br />the City Council at the September 11, 2006 City Council meeting. The majority of the levy <br />would be used to purchase properties that are targeted for development/redevelopment and to <br />fund consulting services such as appraisal services attributed to the desired property. <br /> <br />Motion by Councilmember Strommen, seconded by Councilmember Olson, to ratify the <br />recommendation of the Finance Committee in Case No.2 and to adopt Resolution #06-12-386 <br />adopting the 2006, payable 200TEDA tax levy. <br /> <br />Councilmember Elvig stated the idea of these funds is to be able to use them in an investment <br />format so that in the long term the City has abetter basis for taxation with a better value of <br />properties and a better tax base to draw on. <br /> <br />Motion carried. V oting Yes: Mayor Gamec, Councilmembers Strommen, Olson, Cook, Elvig, <br />Jeffrey, and Pearson. Voting No: None~ <br /> <br />. <br /> <br />3) ~Review and Adopt 2007 HRA Levy <br /> <br />Councilmember Strommen stated the HRA authorized the levy of $312,443 at the August 22, <br />2006 HRA meeting. The Finance Committee recommended that the Council reaffirm the levy <br />amount. <br /> <br />Motion by Councilmember Strommen, seconded by Councilmember Jeffrey, to ratify the <br />recommendation of the Finance Committee in Case No.3 and to adopt Resolution #06-12-387 <br />adopting the 2006, payable 2007 HRA tax levy in the amount of $312,443. <br /> <br />Motion carried. Voting Yes: MayorGamec, COUncilmembers Strommen, Jeffrey, Cook, Elvig, <br />Olson, and Pearson. Voting No: None. <br /> <br />1) Review and Adopt 2007 Tax Levy and General Fund Budget <br /> <br />Councilmember Strommen stated this case had quite a bit of discussion by the Finance <br />Committee and resulted with no recommendation for the Council. The Committee decided to <br />bring the case to the full Council for discussion. The Committee expressed concern over the <br />budget; given the slowdown in the economy and the slow down in growth, there was a concern <br />of where that leaves the City in respect to the budget, specifically in future years. <br />Councilmember Elvig had suggested specific cuts amounting to $265,000; staff was not prepared <br /> <br />. <br /> <br />City Council! December 12, 2006 <br />Page 26 of 29 <br /> <br />-70- <br />