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ain thou <br /> DATE <br /> a APPROVAL : <br /> SEPTEMBER 21, 1989 <br /> TO : <br /> Mayor and Councilmembers <br /> FROM : <br /> Sue VanderHeyden, Acting_City Mana er <br /> 2TEM : 1990 TAX LEVY AND CITY BUDGET <br /> Th. :ii:uth in Taxation Law requires that the City again provide Hennepin <br /> and Ramsey Counties with a proposed tax levy and 1990. Compliance with <br /> this requirement is difficult due to the uncertainty about the tax law. <br /> At this time, the best information available for the tax levy assumes <br /> that: <br /> -The levy limit base increase will be 3%. <br /> -Local Government Aid scheduled increase from $394,190 in 1989 to <br /> $453 , 337 for 1990. <br /> -Certificates of indebtedness will remain outside of the levy limit. <br /> In using the above information, the tax levy proposed for 1990 would be: <br /> Levy limit taxes $1,180,057 <br /> Certificate of indebtedness 72,000 <br /> TOTAL PROPOSED TAXES $1,252,057 <br /> The taxes proposed will be used to finance the 1990 proposed budget. <br /> The service cost of this budget is estimated at $3, 395,535. <br /> Recommendation <br /> To waive the reading and adopt Resolution 89-025 , certifying proposed <br /> tax levy and 19.90 budget in compliance with the Truth in Taxation Law. <br /> :cjk8.3.89 <br />