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1993 GENERAL FUND BUDGET HEARING <br />DECEMBER 10, 1992 <br />service that area with utilities to provide an area for this <br />growth. Mayor Reinert explained that business is needed to <br />provide a diversity in the tax base and relieve the tax burden of <br />homeowners. He explained that the City Council has caCluded <br />."" - <br />that a consultant should be hired to implement a plan of <br />development. Mayor Reinert noted that if this City dos not <br />actively pursue commercial and industrial developtent, sifch <br />-"* <br />development will go elsewhere :-- <br />INTRODUCTION TO "TRUTH IN TAXATION" BY RANDY SCHUMACHti, CITY <br />ADMINISTRATOR. <br />Mr. Schumacher explained that tfiepurpose of the public hearing <br />is to allow citizen input into the 1993 Operating Budget:' He <br />explained that all landowners iiriiino Lakes have received a <br />"preliminary" notification of their proposed 1993 property taxes. <br />Mr. Schumacher noted that the problem with this statement is that' <br />it does not contain current information. The infclimation in the <br />statement is based on a preliminary 1993 Operating Budget and a <br />preliminary 1992 tax levy. Both figures have been reduced.Mr <br />Schumacher used the overhead projector and outlined the 1993 <br />Operating Budget and the 1992 tax levy, collectablef993. <br />Mr. Schumacher.nbted that the state has placed certaildates , <br />on the City and also governs tax rates. The most receriemaridate <br />involves requiring all municipalities to pay sales tax. :This is <br />good for the state but will add about $23,000.00 fd:the',1993 <br />Operating Budget. The affect of this is shifting 'a-eftom the <br />state level to the municipal level. The state has reifiled the <br />same tax rates so that all homes:valued up to $72,000MD-will be <br />paying the same tax rate as in 1992. The tax rate for homes <br />valued over $115,000.00 have been reduced. This aPpears to be <br />putting a larger tax burden on the lower to moderAe'Valued <br />homes. ' * <br />Mayor Reinert explained that this City is <br />and experiencing all the same problems as <br />He noted that he is well aware that taxes <br />City Council is attempting to change this <br />development. <br />a rapidlygrowingCity <br />any other growYng <br />are not in line and the <br />s ituat citi"w*Pth"economic <br />710,i 14A - <br />Jr. 7i, 7 <br />Council Member Bergeson referred to page 8 of the 1993 Operating <br />Budget docUment. He noted that the lower valued homes have an <br />increase in taxes and the higher valued homes have 'a decrease in <br />taxes. It should be noted that the City did not have a voice iW <br />this increase but it is a result In the state change in tax <br />formula and hot the result of the City budget proces's. <br />PAGE 2 <br />1 <br />1 <br />1 <br />