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DRAFT DRAFT DRAFT No. R -93 -3 CITY OF FALCON HEIGHTS C O U N C I L R E S O L U T I O N Date: Jan 13, 1993 RESOLUTION DESIGNATING UNANTICIPATED 1992 LGA /EQUALIZATION AID FOR PROPERTY TAX RELIEF WHEREAS, the City of Falcon Heights receives annual property tax relief in the form of Local Government Aid and Equalization Aid from the Local Government Trust Fund; WHEREAS, the Local Government Trust Fund revenues are accrued from 2 1/2 cents sales tax designated for property tax relief to cities by the state legislature; WHEREAS, the city develops its budget, and the resulting property tax levy, based upon cost- efficient delivery of services; WHEREAS, the city reduced its general operating budget over the past three years; WHEREAS, the state reduced the local government aid allocation to the city by $41,668 in 1990 and 1991; WHEREAS, actual revenues from sales tax in the 1992 Local Government Trust Fund were higher than originally anticipated; WHEREAS, the city received this additional sales tax revenue as Local Government Aid and additional Equalization Aid of $14,569 (8 1 /2 %)in its December 23, 1992 payment; WHEREAS, this is a one -time allocation and not an annual increase in the city's local government aid and equalization aid allocation; WHEREAS, the state continues to anticipate a budget deficit for 1993 and 1994 and future revenue in the Local Government Trust Fund may be used to reduce that deficit rather than go to cities for property tax relief as designated: WHEREAS, the city proposes to designate the additional 1992 local government aid and equalization aid for use to minimize local property tax increases;