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<br />Memo <br /> <br />Date: December 3, 2004 <br />To: Mayor, City Council & Staff <br />Rom: John W. Meyer Finance Director <br /> <br />Regarding: City Council Action on December 8,2004 <br /> <br />Truth-in-Taxation <br /> <br />J have prepared an informational handout for the truth-in-taxation hearing <br />reflecting the preliminary budget from August 2004. Again in 2005, property <br />taxes attributed to the general fund levy of the City of Centerville will decline. <br />With changes to be realized in 2005, a budget amendment may be needed to <br />address theses changes. I have also prepared a resolution adopting the final <br />property tax levy and budget for 2005. <br /> <br />$410,000 GO Water Revenue Bonds, Series 1996 <br /> <br />Following up on the city's debt portfolio and work completed by Ellie, Steve Bubul <br />of Kennedy & Graven has prepared a resolution calling these bonds on February <br />1, 2005 resulting in an interest savings to the city. <br /> <br />Northern Forest Products TIF Payment <br /> <br />I have reviewed the Northern Forest Products file and have created a TIF <br />payments schedule. I have also prepared a claim for a payment to Northern <br />Forest Products. <br /> <br />Interim Organizational Operations <br /> <br />The council has made appropriate changes for the interim operation that reflects <br />compensations for the vacant administrator position. This vacancy on the heels <br />of the vacancy of the Finance Director position has also resulted in Kris Sweeney <br />completing additional tasks. I would recommend that the city council consider <br />making adjustments for her additional tasks completed and continuing until the <br />city has an administrator on board. <br />