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i Date: 12/08/2003 Item No: Departmen Approval: Manager Approved: Agenda Section: TNT Hearing Item Description: 2003 Truth -in- Taxation Hearing on the 2004 Proposed Tax Levy and Budget Introduction Minnesota State Statute 275.065 requires all cities with a population of 500 or greater to hold a public hearing to consider the following year's tax levy and budget. The purpose of this "Truth - in- Taxation" Hearing (TWIT Hearing) is to provide an opportunity for the public to comment and make recommendations on the City's spending decisions. The TNT process involves up to three separate meetings, and is as follows: 1 ) The Initial Hearing is provided to allow City Officials to present the proposed levy and budget to the public and to hear public comment, questions and recommendations. The City may hold the initial hearing on the night of a regularly scheduled meeting; however, the City should convene the hearing and adjourn to conduct the regular council meeting. 2) If the initial hearing is not sufficient for all public comment and further discussion is warranted, a Continuation Hearing can be held. Again, the City should convene the hearing and adjourn to conduct the regular council meeting (if applicable). 3) The official adoption of the finial leer and budget must occur at the Subsequent Nearing. The separation of the public comment hearings (initial and continuation) is intended to allow time for the City Council to carefully consider and possibly incorporate the concerns or issues raised by taxpayers. Tonight's meeting serves as the Initial Hearing. At the conclusion of the hearing, if no further discussion is needed, the City Council may waive the Continuation Dearing, and move forward to the Subsequent Nearing scheduled for Monday, December 15, 2003, at which time the Council will adopt the 2004 Tax Levy and Budget. Required Presentation At the TWIT Hearing, City Officials are required to present an overview of the tax levy, budget, and budget impact on taxpayers. Ili accordance with this requirement, Staff` will make a brief presentation, and invite all interested parties to submit comments or inquiries. Are overview of the tax levy and proposed budget is included below.