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• <br />PUBLIC HEARING Fl <br />12/6/04 <br />ITEM: Truth in Taxation Hearing <br />SUBMITTED BY: Heather Worthington, City Administrator <br />Roland Olson, Finance Director <br />EXPLANATION: <br />Summary: Each year, cities over 5,000 in population are required by the State Legislature to <br />hold Truth in Taxation Hearings to explain their proposed budget and levy for the following <br />year, and the tax notices that are mailed in mid-Fall each year by the County. Each taxing <br />authority (County, City, School District) is required to hold these hearings. <br />Staff will present information related to the -1.07% increase in Falcon Heights' levy for 2005, <br />the proposed General Fund budget of $1,580,237 and the Special Revenue Fund Budgets for the <br />year 2005 totaling $88,084, and answer questions from the Council and residents. City Council <br />action on the proposed levy and budget for 2005 will take place at the Council meeting on <br />December 8, 2004. <br />• ATTACHMENTS: <br />• Information Packet about the Proposed 2005 Budget inc ded separately <br />• Resolution 04-24 -Proposed Levy for 2005 on page <br />• Resolution 04-25 -Proposed Budget for 2005 on page <br />ACTION REQUESTED: <br />• Request staff report <br />• Open Public Hearing <br />• Take Testimony <br />• Close Public Hearing <br />• Questions <br />• There will be no City Council action this evening. Council action will take place at the <br />Council meeting on December 8, 2004. <br />CJ <br />