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M <br />Changes to the Levies. <br />General Fund Levy. <br />1) 'The General Fund Levy represents the maximum levy limit allowed by the Minnesota <br />Department of Revenue. <br />Road Improvement Levy. <br />1) The City paid off the 1999A acid 2003D road improvement bonds and removed from <br />them road improvement levy. <br />A. Total reduction = $87,000. <br />2) Silver Lake Road flnprovement Project was added to the road improvement levy. <br />A. Impact is offset by $37,000 from the pay off of the 1999A and 2003D debt. <br />Lease Revenue Bonds. <br />1) The slight increase represents an increase in the 2009 principal and interest payment. <br />Tax Abatement Levy: <br />1) 'Fax Abatement levy was increased by $50,000 for Emerald Park. The balance of the <br />levy ($29,294) reflects the 2009 principal and interest payment for Central Park. <br />A. The impact: of the'Emerald. Parl( portion of the debt is offset by $50,000 from <br />the pay off of the 1999A and 20031) debt. <br />Prot�ertV Tuxes. <br />The average taxable valuation for 2009 = $2.46,000. A breakdown of the 2009 property <br />taxes is as follows: <br />County <br />$ 956.44 <br />26.4% <br />City <br />$1,181.02 <br />32.6% <br />School <br />$1,222.15 <br />33.7% <br />Other <br />$ 264.79 <br />7.3% <br />PERA Rate Increase <br />$3,624.40 <br />1.97 <br />A breakdown of the "City Portion" of property taxes: <br />General Fund <br />$ <br />774.53 <br />Road Improvements <br />$ <br />278.61 <br />Lease Revenue Bonds <br />$ <br />105.06 <br />Tax Abatement <br />$ <br />20.85 <br />PERA Rate Increase <br />$ <br />1.97 <br />$1,181.02 <br />Recommendation: To comply with State Law and Truth -in -Taxation reluirentents, <br />the City Council approves resolution #08-082 setting the 2009 Operating Budget and <br />Property Tax Levy as presented on December 8, 2008. <br />