Laserfiche WebLink
9 1®8 <br /> •... At a Council Meeting in August, a budget overview is presented to the community. <br /> In September, the City certifies a proposed tax levy and budget to Hennepin and Ramsey <br /> Counties. Also, at this Council Meeting a public hearing is held to discyss the tax rate <br /> increase. Once the proposed.levy has been certified, the levy cannot be increased, but may <br /> be reduced during the fnal certification 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 November, the proposed budget and tax levy is published and Truth in Taxation Notices <br /> are mailed to property owners. The Council holds a public hearing on the budget and <br /> proposed tax levy in late November or early December and afterwards approves the final <br /> operating budget and tax levy. <br /> The City's property tax levy (approximately 20% of the total taxes collected), which is <br /> necessary to finance the approved budget, is then certified to the Counties who collect the <br /> property taxes on behalf of the City, School District, County and other Taxing Districts. <br /> During the fiscal year, line items may be overspent as long as the total activity budget is not <br /> overspent. City Staff may request recommended changes in their activity budget to the <br /> City.Manager who then submits the request to the City Council who can approve or <br /> disapprove the amendment. If Council approves an activity to be overspent, the property <br /> tax levy may not be amended to fund the-appropriation. <br /> Respectfully submitted, <br /> �aqe� .�a�acs <br /> Roger Larson <br /> Finance Director <br />