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, <br />Item No: 7.A <br />� T�7�-� � TTS._._ <br />Meeting Date: November 25, 2013 <br />®UNDS V 1L.VV Type of Business: Truth in Taxation <br />— <br />Administrator Review: <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Truth in Taxation Meeting <br />Attached is the Truth in Taxation presentation which covers those funds that receive tax <br />revenues from the City-wide tax levy. (General Fund, Street Improvement Fund, and <br />2004 Street Bonds Debt Service) The City Council adopted a 3% preliminary levy <br />increase for 2014. Even with the proposed levy increase, most property owners' will <br />see a tax decrease as a result of Tax Increment District 1 being decertified. <br />There have been some minor changes from the preliminary budget as more accurate <br />information became available. The preliminary General Fund budget reflected a <br />drawdown of fund balance of ($560,321) with adjustments that amount is now <br />($486,131). The biggest reductions were for personnel and health insurance costs. <br />$250,000 will come from levy reduction "assigned" fund balance with the balance <br />$236,131 coming from "unassigned" fund balance. <br />Looking forward to 2014, state budget projections show a surplus for the current budget <br />period. That means that there will probably not be any cuts to the late December LGA <br />payment. The 2014 LGA payment is certified by the Department of Revenue at <br />$597,024. The revenue forecast will come out in early December and again in early <br />February. The next legislative session has been traditionally a bonding session but <br />there could be some budget adjustments. The 2014 General Fund budget was <br />constructed with no LGA included based on Council direction. Staff welcomes any <br />comments or questions. <br />Respectfully Submitted, <br />`Mark Beer <br />