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REQUEST FOR COUNCIL ACTION Date: 12/06/2004 Item No: DepartmP.nt Approval: Manager Approved: Agenda Section: ��' TNT Hearing Item Description: Truth-in-TaxationHearing on the 2005 Pr�poso� 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 budge�. The purpose of this `Truth-in- Taxation' (TNT) Hearing is to provide an opportunity for t�e public to comment and make recommendations on the City's spending decisions. The TNT process involves up to three separatemeetings as folllows: L� The Initial Hearing is provided to allow City Officialsi to present the proposed levy and budget to the public and to hear public comment, ques�tions and recommendations. The City may hold the initial hearing on the night of a r��,��tl�r scheduled meeting; however, the City should convene the hearing and adjourn to �ndu�t � regular council meeting. �� If the initial hearing is not sufficient for all public comment and further discussion is warranted, a Continuation Hearing can be held. Ag�in, the City should convene the hearing and adjourn to conduct the regular council meeting (if applicable). �� The official adoption of the final levy and budget must �ccur at the Subsequent Hearing. The separation of the public comment hearings (init' and continuation) is intended to allow time for the City Council to carefully consider an possibly incorporate the concerns or issues raised by taxpayers. Tonight's meeting serves as the Initial Hearing. At the con�lusion of the hearing, if no further discussion is needed, the City Council may waive the �:nntinw,ti�n Hearing, and move forward to the Subsequent Hearing scheduled for Monday, L��r��r �t�, 2004, at which time the Council will adopt the 2005 Tax Levy and Budget. Required Presentation At the TNT Hearing, City Officials are required t� p�t � overview of the tax levy, budget, and budget impact on taxpayers. In accordance vrilh tl�i� r�quir�m�nt, Staff will make a brief presentation, and invite all interested parties to �r�b�ni t�mm�n� ar ir�y uirr� An overview of the tax levy and proposed budget is included below.