Agenda Packets - 2006/10/09 - Laserfiche WebLink

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Mounds View City Council September 11, 2006 Regular Meeting Page 4 years of no levy increases. 1 2 Mayor Marty stated that once the levy is approved, it cannot be raised, and it is being approved at 3 a 0% increase. 4 5 MOTION/SECOND: MARTY/FLAHERTY. To waive the reading and adopt Resolution 6933 6 Authorizing Certification of the Proposed General Fund Budget and Property Tax Levy for Fiscal 7 Year 2007. 8 9 Councilmember Stigney stated the City has used Medtronic revenue in the levy reduction fund 10 prior to reducing the budget, which he hopes will be reduced. 11 12 Councilmember Stigney also noted his confusion about the numbers. He said one of the major 13 items, the $188,000 for the street reconstruction fund, is not shown in the report and asked that 14 everything be reflected in the report. He stated the number is part of tax levies the City provides 15 to the residents and he is having difficulty seeing how it balances. 16 17 Finance Director Beer replied that all taxes could be recorded in the general fund, then 18 transferred to the debt service fund so all taxes are shown in one fund. He stated if the City 19 issues more bonds as the street improvement projects are increased, the amounts moved in and 20 out of the general fund may be quite large. 21 22 Finance Director Beer stated the proper accounting practice is to record the tax revenue in the 23 fund from which the City will pay the debt service. He stated one fund could be established for 24 all of the taxes so citizens could understand it better, however. Councilmember Stigney stated he 25 would appreciate such action. Mayor Marty suggested an addendum be added to the report 26 indicating the taxes. 27 28 Ayes – 5 Nays – 0 Motion carried. 29 30 D. Resolution 6932 Establishing Public Hearing Dates for the Proposed General 31 Fund Budget and Property Tax Levy for Fiscal Year 2007. 32 33 Finance Director Beer stated that as a result of certifying a 0% levy increase, the City could hold 34 a truth-in-taxation hearing. He stated that the City is not required to hold such a hearing, but they 35 could do so to provide an opportunity for citizens to comment on the budget. He recommended 36 that the Council approve a preliminary hearing on December 4, 2006, and December 11, 2006 as 37 the follow-up hearing. He stated the approval of the budget will happen at the December 11 38 meeting. 39 40 Mayor Marty noted that he and the Council support a hearing even though there is a 0% levy 41 increase. Finance Director Beer noted that the City does not have to comply with the full 42 notification process, and that would save the City money. 43 44 MOTION/SECOND: THOMAS/STIGNEY. To waive the reading and adopt Resolution 6932 45