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Item No. 7E <br />Type of Business: CB <br />WK: Work Session; PH: Public Hearing; <br />CA: Consent Agenda; CB: Council Business City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Charles Hansen, Finance Director <br />Item Title/Subject: Resolution Establishing Public Hearing Dates for the <br />Proposed General Fund Budget & Property Tax Levy for <br />the Fiscal Year 2003 <br />Date of Report: September 5, 2002 <br /> <br />The State of Minnesota has set up Truth in Taxation Public Hearing and Publication <br />requirements for local governments to insure public knowledge of and participation in <br />the budget process. For the year 2003, the State granted an exemption from these <br />requirements for local governments whose percentage increase in their tax levy is less <br />than the implicit price deflator (0.7618%). <br /> <br />The State of Minnesota also has set the levy limitation laws which limit the increase in <br />property tax levies by local governments. Due to an increase in the certified Local <br />Government Aid for 2003, the City of Mounds View’s maximum property tax levy for <br />2003 will be a decrease from its actual 2002 property tax levy. <br /> <br />This appears to make the City of Mounds View exempt from Truth in Taxation Public <br />Hearing and Publication requirements for the 2003 property tax levy. <br /> <br />Truth in Taxation Public Hearing and Publication requirements were suspended last <br />year for a different reason. The City Council elected to substantially comply with the <br />requirements anyway. At the September 3, 2002 work session, the City Council <br />indicated that it intends to again substantially comply with the requirements. <br /> <br />Attached is Resolution 5840 that sets public hearing dates for the proposed General <br />Fund Budget and property tax levy for the year 2003. <br /> <br />A public hearing will be held at 6:00 P.M. on Monday, December 2, 2002 to take public <br />input on the proposed budget and property tax levy. The budget and property tax levy <br />will be adopted at the regular City Council meeting at 7:00 P.M. on Monday, December <br />9, 2002. A legal notice will publicize the public hearing rather than the advertisement <br />called for by the requirements. <br /> <br />Respectfully Submitted, <br /> <br /> <br /> <br />Charles Hansen