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REQUEST FOR COUNCIL ACTION Date: 12/OS/2005 Item No: Department Approval: Manager Approved: Agenda Section: �I� #�lr�rir�g Item Description: Truth-in-Taxation Hearing on the 2006 Proposed Tax Levy and Budget Background MN 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 `Trut�-��- Taxation' (TNT) Hearing is to provide an opportunity for the public to comment and mal{e recommendations on the City's proposed spending decisions. The T'NT process involves up to three separate meetings as follows: 1) The Initial Hearing is scheduled to allow City Officials an opportunity 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 fizrther 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 final levy and budget must occur at the Subsequent Hearing. 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 Hearing, and move forward to the Subsequent Hearing scheduled for Monday, December 19, 2005, at which time the Council will adopt the Final 2006 Tax Levy and Budget. Required Presentation At the TNT Hearing, City Officials are required to present an overview of the tax levy, budget, and budget impact on taxpayers. In accordance with this requirement, Staff will make a brief presentation, and invite all interested parties to submit comments or inquiries. An overview of the tax levy and proposed budget is included below.