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� <br />��EN HILLS <br />MEMORANDUM <br />DATE: August 29, 201 i <br />TO: Honarable Mayar and City Council <br />FROM: Patrack Klaers, Ci�y Administratar <br />Sue Iverson, Director of Fit�ance and Adminis�rative Services <br />SUBJECT: 2Qi2 Propased Prelirninazy Budget a�d Taac Levy <br />INTRODUCTION <br />In preparatian for adopiion of the prelirninary tax levy at the first meeting in September, this <br />merno ac�dresses the foiIowing info�na�ion: prelirninary t� levy, residential property values, <br />operating bt�dget, salary and heneft changes, and pre�inninary fund balance projections. <br />PRELIMINARY TAX LEVY <br />The table below provides a comparisan of the 201 I adopted levy and the levy needed to support <br />the prelirt�inary 2012 budget and capital projects. It also shows a comparison of the City's tax <br />rate. <br />You will see that the levy has remained at the same ievel as 201I while the tax rate has <br />increased, ihis is due in part to the change in legisiation regarding the Markei Vaiue Homestead <br />Credit {MVHC) program and a reduction in our share of fiscal disparity doilars. <br />� <br />