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• <br />No. R-93-5 <br />CITY OF FALCON HEIGHTS <br />C O U N C I L R E S O L U T I O N <br />Date: Jan 13, 1993 <br />- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - <br />RESOLUTION DESIGNATING UNANTICIPATED 1992 LGA/EQUALIZATION AID <br />FOR PROPERTY TAX RELIEF <br />WHEREAS, the City of Falcon Heights receives annual property tax <br />relief in the form of Local Government Aid and Equalization Aid <br />from the Local Government Trust Fund; <br />WHEREAS, the Local Government Trust Fund revenues are accrued <br />from 2 1/2 cents sales tax designated for property tax relief to <br />cities by the state legislature; <br />WHEREAS, the city develops its budget, and the resulting property <br />tax levy, based upon cost-efficient delivery of services; <br />WHEREAS, the city reduced its general operating budget over the <br />past three years; <br />WHEREAS, the state reduced the local government aid allocation to <br />the city by $41,668 in 1990 and 1991; <br />WHEREAS, actual revenues from sales tax in the 1992 Local <br />Government Trust Fund were higher than originally anticipated; <br />WHEREAS, the city received this additional sales tax revenue as <br />Local Government Aid and additional Equalization Aid of $14,569 <br />(8 1/2~)in its December 23, 1992 payment; <br />WHEREAS, this is a one-time allocation and not an annual increase <br />in the city's local government aid and equalization aid <br />allocation; <br />WHEREAS, the state continues to anticipate a budget deficit for <br />1993 and 1994 and future revenue in the Local Government Trust <br />Fund may be used to reduce that deficit rather than go to cities <br />for property tax relief as designated: <br />WHEREAS, the city proposes to designate the additional 1992 local <br />government aid and equalization aid for use to minimize local <br />property tax increases; <br />• <br />