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QUESTIONS AND DISCUSSION <br />THE CITY COUNCIL IS ASKING THE CHARTER COMMISSION TO CONSIDER MODIFYING THE <br />CHARTER CAP. THIS WILL PROVIDE NEEDED FLEXIBILITY TO ADDRESS THE STRUCTURAL <br />ISSUES THAT THE CITY WILL FACE . THE CITY IS PROPOSING THAT THE CAP BE MODIFIED TO <br />THE GREATER OF 8% OR INFLATION. (THE CHARTER COMMISSION HAD ORIGINALLY <br />PROPOSED 8% IN 2006 BUT WAS LOWERED TO 5% TO GET A UNANIMOUS VOTE FROM THE <br />CITY COUNCIL) <br />SECTION 7.02 SUBDIVISION 1. THE CITY'S ANNUAL RESOLUTION TO LEVY AD VALOREM TAXES (RAISING MONEY AGAINST REAL AND <br />PERSONAL PROPERTY) SHALL NOT EXCEED THE LESSER OF THE FOLLOWING FORMULAS; EITHER THE PRIOR YEAR TAX LEVY DOLLAR AMOUNT <br />INCREASED BY A MAXIMUM OF 5%, OR CPI (CONSUMER PRICE INDEX) PLUS 2%. THE CPI SHALL BE THE 12 MONTH AVERAGE OF THE <br />MOST RECENTLY PUBLISHED DATA FOR ALL URBAN CONSUMERS IN THE MINNEAPOLIS, ST. PAUL METROPOLITAN AREA, AS DEFINED BY THE <br />U.S. DEPARTMENT OF LABOR, BUREAU OF LABOR STATISTICS.