7A, Preliminary Levy & T-N-T Hearing Dates

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.. _HIllS MEMORANDUM DATE: September 3,2008 TO: Honorable Mayor and City Council FROM: Sue Iverson, Finance Director ~ SUBJECT: Establishing 2008 Truth-In-Taxation Hearing Dates Adoption of the Preliminary 2008 Operating Levy Payable in 2009 Background: By September 15, 2008, the City is required to adopt and certify to Ramsey County a preliminary levy and Truth-Tn-Taxation hearing dates. Discussion: Operatine Levv Based on Council direction at the August 18,2008 Work Session, staff has prepared a preliminary levy of $3,003,434. (This is an increase of $112 over the number given the Council at the work session as the Department of Revenue has now given further clarification on the public safety levy.) The proposed 2009 budget reflects the 3.9% state mandated levy limit plus allowable special levies. The City of Arden Hills received an initial overall levy limit from the Department of Revenue of $2,920,373 to which we are allowed to add special levies of $83,061 ($15,464 for PERA increases and $67,597 for public safety personnel wages and benefits increases over 2008.) This gives the City of Arden Hills an overall levy limit of $3,003,434. The overall increase in the proposed levy is a 7.4% increase over the 2008 levy; however, the City's portion of the levy is $2,747,913 after Fiscal Disparities which equates to a 7.2% increase over the 2008 City portion of the levy of $2,563,635. This results in a 6.5% increase in the Tax Rate from 2008. The impact on an average medium home valued at $280,950 is an increase of $4.89 or 0.9%. The average decrease in market value for residential property in Arden Hills was 4.9%. Determination of the preliminary levy amount is based on 2009 budget information assembled to-date. Truth-in- Taxation Hearine Dates: The Truth-in-Taxation hearing dates are established as follows: Monday, December 1,2008 - 6:30 p.m. - Initial hearing date Monday, December 8, 2008 - 6:30 p.m. - Continuation hearing date (ifneeded)