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WORKSHOP MINUTES <br />CITY COUNCIL <br />AUGUST 28, 2024 <br />The Finance Director explained that fiscal disparities is a tax base sharing program of the property <br />tax system that was created in 1971 for the seven metropolitan counties (Anoka, Carver, Dakota, <br />Hennepin, Ramsey, Scott and Washington). He stated that each taxing authority contributes 40% of <br />the prior year's adjusted commercial and industrial tax base growth into the pool, and distribution <br />from the pool is based on a combination of population and fiscal capacity. He noted that Little <br />Canada has contributed more into the pool than has received back as a distribution in the last five <br />years. He reported that in 2025 the city's tax capacity is reduced by 2.55% and the contribution will <br />increase by 19.21 % so this will affect the budget next year much more than usual. <br />There being no further business, the meeting was adjourned at 7:2912.m. <br />y <br />e5eo <br />Thomas Fischer, Mayor <br />Attest: <br />Q <br />6sto"�herHein an, City Administrator <br />