12-09-2002 Council Packet - Laserfiche WebLink

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mxBmrrrzr:m...... $1,701,834, or 12.29% over the 2002 tax capacity. Based on the City’s increased tax capacity and the (Hoposed tax levy, the tax capacity rate will be 19.809%. This is a reduction of S.49% from the 2002 tax capacity rate. The reduction in the tax ctqMcity rate will result in a minimal increase in the City’s share of the property tax bill. Assuming a 10% increase in a home’s property value, the City’s share of the property tax bill will increase 4%. For a home valued at $20G,0('0, this is an increase of$ 16.60. For a home valued at $350,000, the increase is $29.05. For a home valued at $500,000 the increase is $41.49. Tinth-in-Taxai KU'lf U ]| The Truth-in-Taxation Hearing was held at 5:30 p.m. on Monday, December 2. Although an outline of the proposed 2003 budget and tax levy was presented at the hearing, there were no members of the public present at the hearing. AdoDtioB of 2003 Budaet and Tax Lew It is recommended that the Council adopt the 2003 budget and tax levy at this time. The necessary resolutions are attached for Council adoption. COUNCIL ACTION REQUESTED: 1. Motion to adopt a resolution approving the proposed tax levy to fund the 2003 budget. 2. Motion to adopt a resolution approving the 2003 General Fund budget 3. Motion to adopt a resolution approving the 2003 Special Revenue Funds budget - r /i t niTiitiiifci ■ • 1