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MEMORANDUM Date: August 17, 2010 To: City Council From Jessie Hart, Treasurer Re: 2011 Preliminary General Fund Budget and Property Tax Levy The following information is based on the 2011 Preliminary General Fund Budget and Tax Levy that was discussed by the City Council on August 2, 2010. Based on the discussion of the Council, the 2011 Preliminary General Fund Budget is $429,015 and the total preliminary Tax Levy is projected to be $413,845 knowing that the Council has an opportunity to further refine the budget and tax levy before final adoption and certification in December 2009 which could include reducing the preliminary levy but NOT increase it. The following table shows the breakdown between General and Debt service levies: Tax Levy summary information: Tax Levy General Fund Debt Service 2009 Actual $ 449,255 $ 395,355 $ 53,900 2010 Actual $ 395,828 $ 371,928 $ 23,900 2011 Preliminary $ 413,245 $ 361,245 $ 52,000 Resolution Adopting the Preliminary Amount to Be Raised by Property Taxation for the Year 2011 — Attached for your review and consideration is a resolution adopting the preliminary amount to be raised through property taxes for 2011. This would be the maximum amount that must be certified to Ramsey County by September 15, 2010. 2011 Preliminary Budget and Property Tax Levy I have attached information on the 2011 Preliminary General Fund Budget and Capital Improvement Bonds, both of which rely on the property tax levy. Action requested is to adopt Resolution No. 2010-XX - Resolution Adopting the Preliminary Amount to Be Raised by Property Taxation for the Year 2011 and direct the Treasurer to submit all required paperwork to Ramsey County to certify the preliminary 2011 maximum property tax levy for the City of Gem Lake by September 15, 2010. Page 1