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Truth in Taxation Public Hearing Meeting Minutes <br />December 8, 2008 <br />Page 2 <br />1 $945,000, outstanding State Aid in the amount of $460,000, tax abatement of Central Park in the <br />2 amount of $400,000, liquor revenue bonds for $350,000, utility revenue bonds in the amount of <br />3 $1.8 million dollars and public facilities lease bonds in the amount of $4.75 million still <br />4 outstanding at December 31, 2008. The total outstanding debt at the end of 2008 is $32,195,000. <br />5 <br />6 City Manager Mornson indicated they have had some good partnerships with surrounding <br />7 communities and have received support from businesses. Over the last ten years the City has <br />8 received over $8.3 million in grants and $1.3 million in community partnerships for a total $9.7 <br />9 million. <br />10 <br />11 Councilmember Stille stated one of the things they do is to get rated by Moody's in terms of their <br />12 rating which puts it in a perspective in regard to if they have too much debt or not and if they are <br />13 doing enough things correctly. <br />14 <br />15 Finance Director Larson stated their rating is A -1, which is a very high rating for a City of their <br />16 size. They are at the top of the chart and in good financial shape. <br />17 <br />18 City Manager Mornson stated they got notified by the Minnesota Government Finance Officers <br />19 Association that they did receive, for the second year in a row, a Certificate of Achievement for <br />20 Financial Reporting and this represents a significant accomplishment for the City. <br />21 <br />22 Councilmember Stille noted they did change audit companies two years ago so they could get a <br />23 better idea and picture and felt that was a good move. <br />24 <br />25 Mayor Faust stated they have also had numerous meeting throughout the year regarding the <br />26 budget with the Department Heads. <br />27 <br />28 Mayor Faust invited members of the audience to approach the podium to make comments. <br />29 <br />30 Ms. Pat Howell, The Cottages, 3913 Roosevelt, stated her property tax increase for 2009 was <br />31 mind boggling and she would not have moved to the Village had she known the amount would <br />32 increase so much. She indicated she cannot afford it and was not told it would increase this <br />33 much when they purchased the property. Ms. Howell stated she was very disappointed in St. <br />34 Anthony Village and would not recommend to anyone to move to the Village because now she <br />35 cannot retire because of this increase. <br />36 <br />37 Mayor Faust stated he did not know if Tax Increment Financing (TIF) was responsible for the <br />38 increase in property taxes. He reviewed the process for determining property taxes each year. <br />39 He noted the City's web site indicates what the City's taxes are and he did not think they have <br />40 ever intimated that St. Anthony is a low tax city. He explained people do not realize that when <br />41 downgrading from an older, larger home to a newer, smaller home they are actually upgrading to <br />42 a higher value home. <br />43 <br />44 Ms. Howell wondered why it was just The Cottages and condos that were included in the TIF <br />45 District and why they are paying for the bonds to build these homes. <br />46 <br />