CCP 09-11-2006 - Laserfiche WebLink

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Memo City Council 2006 - Setting the Preliminary Levies page 2 revenues, and projected expenditures, which will help assess the need for additional levy. Staff is committed to a fiscally conservative approach to the City's budget and tax levy. . Karth loake 1m rovement District S ecial Lev : In 2003, the Council had approved a special levy for the Pumping Project to be charged to the homeowners surrounding the lake. Based on the cost estimates provided in 2004, the Council approved a levy for this project in an amount not to exceed $49,350. The Council had made a decision to spread this levy over a period of three years. In September 2004, the City received the final cost figures from Our Engineers in the amount of $4l,348. The amount to be levied each year would be $]3,782.67. In 2004, the Council adopted a levy for the first year. In 2005, the Council adopted the same levy for the second year. This year, the Council needs to adopt a levy - year three and final year, for certification purposes. The amount of special levy is $l3, 782.67. Truth in Taxation Dates: The Tmth in Taxation hearing dates are established as follows: Monday, December 4, 2006 - 6:30p.m. _ Initial hearing date Monday, December] 1,2006 - 6:30p.m. - Continuation hearing date It is anticipated the Council will adopt the final payable 2007 levy and the 2007 Budget on December 1 1, 2006. . RECOMMENDED ACTION: Staff requests the Council consider approving the fOllOWing: 1. Adopt Resolution 06-43 which establishes the preliminary operating levy for taxes payable in 2007 in the amount of$2,675,l61 _ a 6% increase from 2006 levy. 2. Adopt Resolution 06-44 which establishes the preliminary levy for the Karth Lake Improvement District for taxes payable 2007 in lhe amOunt of$l3,782.67 3. Adopt Resolution 06-45 which establishes Truth in Taxation hearing dates for proposed taxes payable in 2007. The dates established are December 4th and December 11, 2006. .