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HRA Finance Subcommittee Budget Discussion - Page 1 of 3 <br />Request for HRA Action <br /> <br />Date: 08-15-06 <br />Item No: 8.b. <br />Director Approval: Agenda Section: <br /> CB Action Item <br /> <br />Description: 2007 Preliminary Budget and Levy Request (HF_0051) <br /> <br />1.0 Requested Action: <br /> <br />1.1 Discuss proposed 2007 budget and tax levy request for 2007 prepared and recommended <br />by the HRA finance subcommittee to support the HRA goals and existing programs for <br />the coming year. <br /> <br />1.2 After discussion: <br /> <br /> By motion, adopt a preliminary 2007 Budget (with HRA member changes) for levy fund <br />723. <br /> <br /> By resolution (attached), request an HRA Tax Levy for 2007 to be forwarded to the City <br />Council as part of the budget and truth in taxation hearings. <br /> <br />2.0 Budget Process: <br /> <br />2.1 Per State Statute 469.033, subdivision 6, the HRA must each year formulate and file a <br />budget in accordance with the budget procedure of the City in the same manner as <br />required of executive departments of the City. An HRA preliminary budget is scheduled <br />to be reviewed and discussed at a public meeting by the City Council on August 21 . <br /> <br />2.2 To request an HRA levy, the HRA must adopt a resolution and budget and present it to <br />the City Council in August. Assuming approval, it will then be included within the City <br />budget and levy request that is submitted to the County in September. The City Council <br />holds hearings on all elements of the budget including any proposed HRA levy. <br /> <br />2.3 The City Council will set the preliminary budget and maximum levy for 2007 at its <br />September 11 regularly scheduled meeting. The deadline for the City to submit the <br />maximum levy for all programs (including the HRA) to Ramsey County and the <br />Department of Revenue is September 15, 2006 for taxes payable 2007. The maximum <br />levy submitted to the County and State can be reduced prior to the truth in taxation <br />hearing but it can not be increased. <br /> <br />2.4 October, November, December – Refinement of budget and final recommended budget and <br />levy request. Hold a final budget public hear ing to gain public comment on programs and <br />proposed funding. The final levy information is required to be submitted to the County by <br />the end of December for taxes payable in 2007.