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V $9,500 for a membership in Metro Cities (formerly the Association of Metropolitan Municipalities) 35 36 ** This represents the added cost to the tax-supported programs(75%of the total cost). 37 38 If the Council chooses to appropriate monies for these initiatives,it will require a corresponding increase in 39 the 2012 Preliminary Budget. 0 1 Tax Levy Impact d? With the 2012 preliminary tax levy adopted on September 12th, a median-valued home would pay an 3 additional $2.30 per month in taxes compared to the previous year, holding all other factors constant. """'YP"""'YP Should the Council desire to provide some tax relief, a reduction of the proposed tax levy by $100,000 45 would save that same median-valued home $0.42 cents per month. 6 47 The 2013 Budget assumes a 2%increase in the property tax levy—or$305,000. This is based on the 2012 Preliminary Levy. Folding all other factors constant,the impact for a median-valued home will be $1.46 9 per month. 50 5 1 The Council is reminded that there will also be tax impacts from changes in the State's Market Value 5d,"? Homestead Credit program as well pending bond sales to finance the construction of a new fire station and 53 various park improvements. Those impacts are detailed in the 2012 Budget Fact Sheet shown in 54 Attachment D. It should be noted that the impact from the sale of bonds will not take place until 2013 or 55 later. 57 Utility Rate Impact 58 A discussion regarding the recommended 2012 utility rates are described under a separate Council action 59 agenda item. 60 6,1 Final Comments 6d'? To further aid the City Council in continuing budget discussions, Attachments E & F contains the 63 preliminary program-by-program budget figures. 6 65 POLICY OBJECTIVE 66 Adopting a final budget and tax levy is required under Mn State Statutes. 67 FINANCIAL IMPACTS 68 See above, and in the attachments. 69 STAFF RECOMMENDATION 70 Staff Recommends the Council adopt the 2012 Tax Levy and Budget as outlined in this report and in the 71 attached resolutions. ', REQUESTED COUNCIL ACTION "73 The Council is asked to take the following separate actions: 7 75 a) Motion to approve the attached Resolution to adopt the 2012 Final Tax Levy 76 b) Motion to approve the attached Resolution to adopt the 2012 Final Debt Levy 77 c) Motion to approve the attached Resolution to adopt the 2012-2013 Final Budget 78 Prepared by: Chris Miller,Finance Director Page 2 of 9