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i'N-rCIL 1L LAUvLRIDALE COU A I CY ( _r RM 1L ` Action Requested Consent Public Hearing Discussion _X Action Resolution _X Work Session Meeting Date September 23 , 2014 ITEM NUMBER 2015 Budget and Levy STAFF INITIAL Based on the discussion at the last council meeting, staff prepared a resolution that would raise the total levy by 1.3% to $624,357. The local levy would remain the same at $495,281. As we touched on a couple of meetings ago, the commercial and industrial prop- erty values are flat while the residential values are going up seven percent.. This means that in spite of holding the levy flat, homeowners still will likely see a small increase in their property taxes. To create a balanced budget, a transfer from the Development Fund into the General Fund is shown. Ultimately, I will -show in the budget a transfer from the fund the Council decides to deposit the Eldercare fees into. The special revenue fund budgets will be worked on later this fall. Based on the levy amount set by the Council, the County will calculate everyone's estimated property taxes for 2015 and mail notices in November. The notice will include the date of the public hearing at which the Council will take comments. As the Council doesn't sched- ule a second meeting in December, that public hearing will be on December 9. The County continues to revise theirproperty value estimates until the end of the year so the tax rate for the year won't be finalized until then. As you know, the preliminary levy sets the ceiling for the levy for 2015. The Council can set the preliminary levy and then decrease it when establishing the final levy. The final levy can not be higher than the preliminary levy. Motion to adopt Resolution 092314A 2015 in the Amount of Truth in Taxation Hearing. - A Resolution Levying Taxes for 2014 Payable* in and Establishing December 9 as the Date of the