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Department Approval: � K�N REQUEST FOR COUNCIL ACTION Manager Approved: Date: 12/02/2002 Item No VI• A. Agenda Section: Hearings Item Description: 2002 Truth-in-Taxation Hearing on the 2003 Proposed Tax Levy and Budget Introduction Minnesota 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 "Truth- in-Taxation" Hearing (TNT Hearing) is to provide an opportunity for the public to comment and make recommendations on the City's spending decisions. The TNT process involves up to three separate meetings, and is as follows: 1) The Initial Hearing is provided to allow City Officials 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 further 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, tentatively scheduled for Monday, December 9, 2002. The Subsequent Hearing is scheduled far Monday, December 16, 2002, at which time the Council will adopt the 2003 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.