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Department Approval: <br />� K�N <br />REQUEST FOR COUNCIL ACTION <br />Manager Approved: <br />Date: 12/02/2002 <br />Item No VI• A. <br />Agenda Section: <br />Hearings <br />Item Description: 2002 Truth-in-Taxation Hearing on the 2003 Proposed Tax Levy and Budget <br />Introduction <br />Minnesota State Statute 275.065 requires all cities with a population of 500 or greater to hold a <br />public hearing to consider the following year's tax levy and budget. The purpose of this "Truth- <br />in-Taxation" Hearing (TNT Hearing) is to provide an opportunity for the public to comment and <br />make recommendations on the City's spending decisions. <br />The TNT process involves up to three separate meetings, and is as follows: <br />1) The Initial Hearing is provided to allow City Officials to present the proposed levy and <br />budget to the public and to hear public comment, questions and recommendations. The <br />City may hold the initial hearing on the night of a regularly scheduled meeting; however, <br />the City should convene the hearing and adjourn to conduct the regular council meeting. <br />2) If the initial hearing is not sufficient for all public comment and further discussion is <br />warranted, a Continuation Hearing can be held. Again, the City should convene the <br />hearing and adjourn to conduct the regular council meeting (if applicable). <br />3) The official adoption of the final levy and budget must occur at the Subsequent Hearing. <br />The separation of the public comment hearings (initial and continuation) is intended to <br />allow time for the City Council to carefully consider and possibly incorporate the concerns <br />or issues raised by taxpayers. <br />Tonight's meeting serves as the Initial Hearing. At the conclusion of the hearing, if no further <br />discussion is needed, the City Council may waive the Continuation Hearing, tentatively <br />scheduled for Monday, December 9, 2002. The Subsequent Hearing is scheduled far Monday, <br />December 16, 2002, at which time the Council will adopt the 2003 Tax Levy and Budget. <br />Required Presentation <br />At the TNT Hearing, City Officials are required to present an overview of the tax levy, budget, <br />and budget impact on taxpayers. In accordance with this requirement, Staff will make a brief <br />presentation, and invite all interested parties to submit comments or inquiries. An overview of <br />the tax levy and proposed budget is included below. <br />