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REQUEST FOR COUNCIL ACTION <br />Department Approval: Manager Approved: <br />� � �� ������� � <br />Item Description: Adopting the 2006 Final Tax Levy and Budget <br />Date: 12/19/2005 <br />Item No: �.a <br />Agenda Section: <br />� i:3 ���� Rtrt}� s <br />Introduction <br />State Statute requires all cities to adopt a final tax levy and budget by December 30th for the <br />_ following fiscal year. The final levy amount must not exceed the preliminary levy that was <br />_ established in September. <br />— 2006 Budget & Tax Levy <br />— The proposed 2006 Budget and Tax levy was initially submitted for consideration in July and <br />was followed by a series of Council budget meetings. On September 12, 2005, the Council <br />adopted a Preliminary Budget, and on December 5, 2005 following the Truth-in-Taxation <br />Hearing, the Council agreed to lower the overall budget in accordance with the City Manager's <br />Revised Budget – Option D. <br />With the revised budget and the planned use of $138,000 in general fund reserves, the 2006 tax <br />levy will need to increase 5°/o. This levy increase, along with the revised budget is shown in the <br />attached resolutions. <br />If the Council chooses to amend specific line items within the budget, the attached resolution(s} <br />will also need amending. <br />_ Council Action Requested <br />_ Action #l: Approve the attached Resolution to adopt the 2006 Final Tax Levy <br />Action #2: Approve the attached Resolution to adopt the 2006 Final Budget <br />Action #3: Approve the Resolution to adjust the 2006 Final Debt Levy <br />