09-11-2000 Council Packet - Laserfiche WebLink

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Request for Council Action continued Page 2 September 7,2000 Proposed 2001 Budget and Tax Levy - Resolutions Levy for Future Capital Needs The proposed 2001 levy reflects the City’s plans for the funding of upcoming capital needs, esp>ecially the City’s share of the cost of replacing the Long Lake fire station, which will need to occur in 2002 due to the Highway 12 upgrade project. The proposed 2001 budget includes a levy- of $90,000 to be placed into the Improvement and Equipment Outlay Fund and designated for these upcoming capital needs. By beginning to fund the capital needs at this time, the City will be better able to provide the necessary funding in future years without requiring large increases in the propert>' tax levy. Sewer and Water Fee Increases 1' 1. As called for by the City's plan for funding long-term repair and replacement of the City's water and sewer infrastructure, the proposed budget reflects a 3.2% increase in water rates and a 2.8% increase in sewer rates. Adoption of Proposed Budget and Tax Levy The City is required to adopt a budget aPd tax levy so that the levy can be certified to the County by September 15, and so that a summary of the budget can be published along with the notice of the Truth in Taxation hearing in November. After adoption, the proposed tax levy cannot be increased, but can be reduced prior to final budget adoption following the Truth in Taxation hearing in December. The proposed budget can also be changed prior to final adoption in December. Resolutions adopting the preliminary 2001 budget and proposed tax levy are attached for Council adoption. COUNCIL ACTION REQUESTED: 1. Motion to adopt a resolution approving the proposed tax levy to fimd the 2001 budget. 2. Motion to adopt a resolution approving the proposed 2001 budget.