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<br />Item No: 7.A <br />Meeting Date: December 5, 2011 <br />Type of Business: Truth in Taxation <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 and All Funds Budgets for 2012 <br /> <br /> <br />Attached is the Truth in Taxation presentation and the budgets for all funds (General, Special <br />Revenue, Debt Service, Capital Projects, and Enterprise) for your consideration. The Council <br />has had an opportunity to review all the funds at different times during the budget process. The <br />City Council did not increase the tax levy for 2012. The Legislature and the Governor <br />eliminated the Market Value Homestead Credit and replaced it with an exemption. Property <br />owners will see a tax increase as a result of this change. <br /> <br />The General Fund has been modified to reflect changes for GASB Statement 54 by including <br />the Levy Reduction fund in the General Fund Balance. The Vehicle and Equipment fund has <br />been changed from a special revenue fund to a capital projects fund. Capital activities in the <br />General fund that were previously paid for by the Vehicle and Equipment fund have now been <br />included in that fund. Also, billboard revenue increased by $45,000 reflecting the revised lease <br />for the installation of a dynamic display billboard on 35W. The General fund budget also reflects <br />additional expenditures and revenues for the addition of a K9 unit. <br /> <br />Looking forward to the 2012, state budget projections show a surplus for the current budget <br />period. This means that there will probably not be any cuts to the late December LGA payment <br />or amounts that will be paid in 2012. The 2012 budget was constructed with no LGA included. <br />Staff welcomes any comments or questions. <br /> <br />Respectfully Submitted, <br /> <br /> <br /> <br />Mark Beer <br />1