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Mounds View City Council December 3, 2007 <br />Truth-in-Taxation Meeting Page 3 <br /> <br /> 1 <br />Finance Director Beer indicated that as the City’s tax capacity increases, the tax rate goes down 2 <br />and that is what is applied to the valuation to base taxes upon. 3 <br /> 4 <br />Council Member Hull asked how much personnel costs have increaded from last year’s budget. 5 <br />is up from last year. 6 <br /> 7 <br />Finance Director Beer indicated that costs went up about $190,000 but that is an increase of only 8 <br />about 1%. 9 <br /> 10 <br />Council Member Stigney indicated that Council has not resolved how much would need to be 11 <br />paid back for a proposed street improvement project, so that information may be subject to 12 <br />change. 13 <br /> 14 <br />Finance Director Beer explained that is an amount built into the street financing plan, but the 15 <br />levy may change if Council decides to refund more than is proposed. 16 <br /> 17 <br />Council Member Stigney asked whether the franchise fee was figured in. 18 <br /> 19 <br />Finance Director Beer indicated that it was. 20 <br /> 21 <br />Council Member Stigney said he would like to know comparable cities and how the City 22 <br />compares. 23 <br /> 24 <br />Brian Amundsen said that the levy reduction fund is being used from Medtronic. He then said 25 <br />that he was wondering about how much of Medtronic property was TIF, and how much is 26 <br />coming on the taxes. 27 <br /> 28 <br />Finance Director Beer indicated that that the base value is about $13.5 million that taxes are 29 <br />applied to. 30 <br /> 31 <br />Mayor Marty noted that a goal of this Council was for a 0% increase on City taxes and, in order 32 <br />to accomplish that, Staff dug deep and made many cuts. 33 <br /> 34 <br />Valerie Amundsen asked if taxes have always been done this way instead of setting a rate. 35 <br /> 36 <br />Finance Director Beer indicated that the levy is usually set based on needs and the rate is set 37 <br />based upon need. 38 <br /> 39 <br />Council Member Flaherty asked about the $121,000 in local government aid. 40 <br /> 41 <br />Finance Director Beer indicated that the figure has been confirmed. 42 <br /> 43 <br />MOTION/SECOND: Marty/Stigney. To Close the Truth-in-Taxation Public Hearing. 44 <br /> 45