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At the first meeting Council Meeting in September, the City certified a proposed tax levy <br />and budget to Hennepin and Ramsey Counties. Once the proposed levy has been <br />certified, the levy cannot be increased, but may be reduced during the final certification <br />process in December. <br />In late October, staff calculates the proposed tax rate and tax capacity numbers to <br />determine the impact on residential and commercial properties. <br />In early November, the impact of the proposed tax levy and budget is published and <br />"TNT Notices/Proposed Property Tax Statements" are mailed to property owners. <br />Staff presented the proposed 2009 tax levy and budget at the December 8, 2008, Truth - <br />in -Taxation meeting which was held prior to the regular Council meeting. At the regular <br />meeting, the City Council adopted the 2009 operating budget and property tax levy. <br />The City's property tax levy was certified to the Counties who collect the property taxes <br />on behalf of the City, County, School District voter approved levies and other Taxing <br />Districts. <br />During the fiscal year, individual line items may be overspent with the understanding that <br />the total operating budget is not overspent. City Staff may request recommended <br />changes in their activity budget to the City Manager who then submits the request to the <br />City Council which in turn can approve or disapprove the amendment. If Council <br />approves an activity to be overspent, the property tax levy may not be amended to fund <br />the appropriation. <br />Respectfully submitted, <br />�)�()ger Larson. <br />Roger Larson <br />Finance Director <br />