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1 At - 9_:-25: . P.M. ; -.the' Mayor opened * the public hearing on the above,. <br /> 2 noting the absence of residences to provide .- input, despite the <br /> 3, posting -- of the notice . of- the hearing at _ various: locations..: <br /> 4 throughout. the ' City and its publication in the September 16th <br /> 5 Bulletin. <br /> 6 Documentation: copy of notice; <br /> 7 September 4th letter from the Director of Minnesota <br /> 8 Local Aids Division advising that the requested <br /> 9 $150 , 000 levy limit adjustment to reduce the City' s <br /> 10 payable 1987 property taxes, had ,been. approved but .-that <br /> 11 the $33 , 000 adjustment. for loss.,of federal revenue <br /> 12 sharing had been denied; <br /> 13 Mr. Childs ' September 18th summary of the 1988 budget; <br /> 14 estimates of effect of mill rate on City homes ; <br /> 15 Resolution 87-029 ; <br /> 16 copy of budget. <br /> 17 Mr. Childs summarized his memorandum by saying the $1 , 263 , 150 levy <br /> 18 would be $20 , 000 less than the levy limit imposed by the state, but <br /> � 19 almost $300 , 000 higher than last year ' s levy. He indicated he had <br /> 20 included the $150 , 000 levy variance the state had granted. the City <br /> 21 for using reserve funds to -off-set lower liquor operation profits. <br /> 22 -The Manager attributed the levy- raise to the loss of revenue sharing <br /> 23 and decrease in liquor operation profits- which had allowed- the City <br /> 24 to transfer only $150 , 000 from the Liquor Fund to the General Fund, <br /> 25 where the City had budgeted twice and more in previous years. <br /> 26 Mr. .Childs had projected a 3 . 1% increase in revenues for the General <br /> 27 Fund, which was an increase of $55 ,000 from- 1987 , but would be offset <br /> 28 by an* increase in total expenditures. He said revenues which are not <br /> 29 expected to increase would be Local Aid to Governments, fees , and <br /> 30 interest earnings _ on City holdings , all of. which are negatively <br /> 31 impacting on the City. Mr. Childs also anticipates raises in the <br /> 32 water- and sewer rates at the end of the year should offset some_ of <br /> 33 the deficiencies in those .funds . <br /> 34 Levy Increases. Would Cost Homeowners-Between $20 and $39 <br /> 35 Under' the new 1988-assessment formula, the .above .increases- would- be. <br /> 36 experienced for owners -of $85 , 000 and $100 , 000 respectively assuming <br /> 37 the County mill-rate went up 1.-7 mills and the school district ' s <br /> 38 raise was 4 mills . The Manager ' s estimate assumed- no change in home <br /> 39 values . If home values increased by 3% , it could add $.100 in taxes <br /> 40 for a $100 ,000 home and ' $80 more for an average $85 , 000 home. in St . <br /> 41 Anthony. <br /> 19 <br />