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ai , thou <br /> ilia e <br /> DATE : A P PROVAL : <br /> August 3 1989 <br /> TO : Mayor and Councilmembers <br /> FROM : <br /> Sue VanderHeyden, Acting City Manager <br /> 2 TEM : 1990 TAX LEVY AND CITY BUDGET - PROPOSED <br /> The Truth in Taxation Law requires that the City- provide Hennepin and <br /> Ramsey Counties with a proposed tax levy for 1990. Compliance with this <br /> 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 will increase 3%. <br /> -Local Government Aid will increase from $394,190 in 1989 to $453 ,337 <br /> 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 $3,043 ,715. <br /> :cjk8. 3 .89 <br />