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<br />~ <br />~HILLS <br /> <br />MEMORANDUM <br /> <br />DATE: September 10, 2007 <br /> <br />TO: Honorable Mayor and City Council <br /> <br />FROM: Sue Iverson, Finance Director~ <br /> <br />SUBJECT: Establishing 2007 Truth-In- Taxation Hearing Dates <br />Adoption of the Preliminary 2007 Operating Levy Payable in 2008 <br /> <br />Background: <br /> <br />By September 15, 2007, the City is required to adopt and certify to Ramsey County a preliminary levy <br />and Truth-ill-Taxation hearing dates. <br /> <br />Discussion: <br /> <br />Operatinl! Levv <br />Based on Council direction at the August 27, 2007 Work Session, staff has prepared a preliminary levy of <br />$2,835,757. The City's portion of the levy is $2,602,044 after Fiscal Disparities which equates to a 4.9% <br />increase over the 2007 City portion of the levy of $2,479,318. This results in a 2.2% decrease in the Tax <br />Rate from 2007. The impact on an average medium home valued at $294, I 00 is an increase of $7.23 or <br />1.3%. The average increase in market value for residential property in Arden Hills was 3.2%. (With no <br />market value increase the effect of taxes would have been a decrease of $12.45.) Determination of the <br />preliminary levy amount is based on 2008 budget information assembled to-date. <br /> <br />Trnth-in-Taxation Hearinl! Dates: <br />The Truth-in-Taxation hearing dates are established as follows: <br /> <br />Monday, December 3, 2007 - 6:30 p.m. - illitial hearing date <br />Monday, December 10,2007 - 6:30 p.m. - Continuation hearing date (if needed) <br /> <br />It is anticipated the Council will adopt the final 2007 levy payable in 2008, and the 2008 budget, on <br />December 10, 2007. <br /> <br />Recommended Action: <br /> <br />1. Adopt Resolution 07-66, a Resolution setting the preliminary levy for taxes payable in 2008 in <br />the amount of$2,835,757. <br />