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CM OF REQUEST FOR COUNCIL CONSIDERATION Agenda Section: 11. 'INDSSTAFF REPORT Report Number: 95-1446WS EW AGENDA SESSION DATE September 5, 1995 Report Date: 8-31-95 DISPOSITION Item Description: Final Discussion of Proposed 1996Certified Levy Administrator's Review/Recommendation: `'� No comments to supplement this report ,,t7 - Comments attached. Explanation/Summary (attach supplement sheets as necessary.) SUMMARY; Per Council direction, given at the August 28, 1995 Budget Meeting, I have amended the General Fund Revenues and Expenditures budgets to reflect an inflationary increase in the property tax levy of 3%. A 3% increase in the General Fund property tax levy will generate an additional $44,959 of revenue. The current ad valorem property tax account, on the attached 1996 Budgeted Revenues report, reflects that increase. I have also amended the Proposed 1996 General Fund Expenditure Budget, also attached, to reflect the increase in the property tax levy by adding an account, Contingency - Inflation, in the Increases(Decreases) section of the Report. I have received been informed, by the City of Blaine, that Mounds View's 1996 property tax levy for the debt service on the 1991 Fire Improvement Bonds should be $92,565. That is $2,031 less than the 1995 levy of $94,596. The reduced debt levy has the effect of reducing the overall 1996 property tax levy. The overall 1996 levy is 2.7%. Should you have any questions, please do not hesitate to contact me. D4.-.c....14 Donald Brager, Finance ector RtECOMMENDATION;