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V $9,500 for a membership in Metro Cities (formerly the Association of Metropolitan Municipalities) <br /> 35 <br /> 36 ** This represents the added cost to the tax-supported programs(75%of the total cost). <br /> 37 <br /> 38 If the Council chooses to appropriate monies for these initiatives,it will require a corresponding increase in <br /> 39 the 2012 Preliminary Budget. <br /> 0 <br /> 1 Tax Levy Impact <br /> d? With the preliminary tax levy adopted on September 12th,a median-valued home would pay an additional <br /> $2.30 per month in taxes compared to the previous year, holding all other factors constant. Should the <br /> """'YP"""'YP Council desire to provide some tax relief,a reduction of the proposed tax levy by$100,000 would save that <br /> 45 same median-valued home $0.42 cents per month. <br /> 6 <br /> 47 The Council is reminded that there will also be tax impacts from changes in the State's Market Value <br /> Homestead Credit program as well pending bond sales to finance the construction of a new fire station and <br /> 49 various park improvements. Those impacts are detailed in the 2012 Budget Fact Sheet shown in <br /> 5o Attachment D. <br /> 51 <br /> �d"? Utility Rate Impact <br /> 53 A discussion regarding the recommended 2012 utility rates are described under a separate Council action <br /> 54 agenda item. <br /> 55 <br /> 56 Final Comments <br /> 57 To further aid the City Council in continuing these discussions,Attachments E&F contains the preliminary <br /> 58 budget figures <br /> 59 <br /> 60 POLICY OBJECTIVE <br /> 6,1 Adopting a final budget and tax levy is required under Mn State Statutes. <br /> 6 d,"? FINANCIAL IMPACTS <br /> 63 See above, and in the attachments. <br /> 64 STAFF RECOMMENDATION <br /> 65 Staff Recommends the Council adopt the 2012 Tax Levy and Budget as outlined in this report and in the <br /> 66 attached resolutions. <br /> 67 REQUESTED COUNCIL ACTION <br /> 68 The Council is asked to take the following separate actions: <br /> 69 <br /> 70 a) Motion to approve the attached Resolution to adopt the 2012 Final Tax Levy <br /> 71 b) Motion to approve the attached Resolution to adopt the 2012 Final Debt Levy <br /> c) Motion to approve the attached Resolution to adopt the 2012 Final Budget <br /> 7 <br /> Prepared by: Chris Miller,Finance Director <br /> Attachments: A: Resolution to adopt the 2011 Final Tax Levy <br /> B: Resolution to adopt the 2011 Final Debt Levy <br /> C: Resolution to adopt the 2011 Final Budget <br /> D: 2012 Budget Fact Sheet <br /> E: Preliminary 2012&2013 Budgets;Tax-supported programs <br /> F: Preliminary 2012&2013 Budgets;Non tax-supported programs <br /> Page 2 of 9 <br />