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ARDEN HILLS CITY COUNCIL—DECEMBER 11, 2023 6 Councilmember Holden thanked these individuals for their dedicated service to the community on the PTRC. The motion carried (5-0). 10. PUBLIC HEARINGS A. Truth In Taxation Hearing City Administrator Perrault stated this meeting served as the annual Truth In Taxation Hearing. He discussed why tax bills changed, commented on how property taxes are developed in Minnesota, provided a summary on the 2024 general fund budget, the proposed 2024 tax levy, the City-wide budget, the Capital Improvements Plan, and discussed resources that were available for property tax relief. It was noted the City Council adopted a maximum tax levy increase of 12.55% on September 25, 2023. Staff described how tax dollars were allocated by the City for essential services. He commented on how the median value homeowner would be impacted by the proposed tax levy and then opened the meeting for public comments. Councilmember Holden commented on Consent Agenda Items 80 and 8P stating both of these items came in under budget ($132,000). She asked how much of this funding was included in the 2023 budget. City Administrator Perrault reported the surplus from these items would affect the capital funds. Councilmember Holden discussed how this surplus could be added to the PIR fund at the end of the year. Mayor Grant asked what the value of a home had to be to qualify for the homestead credit. City Administrator Perrault explained the homestead credit was applied to homes that were valued at $415,000 or less. Councilmember Monson requested further comment on the surplus the City would have at the end of the year. City Administrator Perrault stated this was a complicated question. He reported the savings on Items 80 and 8P created a surplus of $132,000 and noted this surplus would not impact the General Fund Budget. He explained surpluses in the General Fund were transferred to the PIR Fund. Mayor Grant asked if the surplus was enterprise funds or capital funds. Public Works Director/City Engineer Swearingen stated the surplus was from various items within the street projects related to the construction contract itself.