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MEMORANDUM <br />Date: August 26, 2008 <br />To: City Council <br />From Jessie Hart <br />Re, 2009 Preliminary Budget and Levy <br />With the help of mayor I have put together a 2009 preliminary budget and tax levy, <br />Budget changes or highlights are as follows: <br />Revenues; <br />Property Tax Levy: <br />• This would result in a General Fund Preliminary Operating Levy of $420,0.89 <br />compared to the final 2008 operating levy of $39.5,355. <br />• The City would also have a Debt Levy for the new building bond. Based on the <br />estimated bond sale documents the City would have a debt levy of $53,200 <br />compared to the 2008 debt levy .$53,900. <br />• Tax Levy summary information <br />2007 <br />Actual <br />2008 <br />Actual <br />2009 <br />Preliminary <br />Tax Levy $ 411,197 $ 449,255 $ 473,289 <br />Tax Capacity $ 1,050, 876 $ 1,134, 974 $ 1,212,826* <br />Tax Capacity Rate 39.5582% 39.59.54°/0 38.0996% <br />City Taxes on 2009 <br />Median Valued <br />Home At $286,6.00 <br />1,133.74 <br />1,1 34.80 $ 1,091.93 <br />*2009 tax capacity is the August 14, 2008 estimate provided by Ramsey County. <br />Any increase or decrease in the final tax capacity would result in a different tax <br />rate. <br />