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Lake Elmo <br />Agenda Section: FINANCE <br />No . 5A <br />City Council <br />12-05-2006 <br />Agenda Item: Adoption of Final 2007 General Fund Budget and Levy <br />Background Information for December 05, 2006: <br />Attached, Please find two Resolutions for Adoption of the Final 2006 Budget and Levy. The City conducted several <br />workshops and a Truth in Taxation Public Hearing to receive input in the preparation and completion of the 2007 <br />Budget. The 2007 proposed tax rate has been reduced from 19.35% in 2006 to 19.27% and reflects an 12.96% <br />increase in the Levy which is primarily attributed to an increase in property valuations. <br />The Revenue increase will fund additional staff positions, Capital Expenditures, development related activities as <br />well as notable increases in Legal, Law Enforcement, Fire, Public Works, Utilities and Fuel accounts. Please note <br />that additional funds have been set aside for Capital Improvements in particular the Fire and Infrastructure (streets) <br />to address previous shortfalls in those accounts. <br />Action Items: Motion to adopt Resolutions 2006-135 <br />Person responsible: <br />approving the General Fund Budget in the amount of $ 3,956,308 <br />Tom Bouthilet <br />and 2006-136 approving the final Levy in the amount of <br />$ 2,428,600. <br />Attachments: Resolution 2006-135 <br />Resolution 2006-136 <br />2007 General Fund Budget <br />