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'* * <br />Request for Council Action Continued <br />page 2 of 3 <br />September 5, 1996 <br />Adoption of Preliminary 1997 Budget and Tax Levy <br />Because of a significant increase in the city’s tax base, the proposed tax levy will result in a <br />reduction in the city’s tax capacity rate from 14.743% to 14.246%. This 3.36% reduction in <br />the city’s tax capacity rate will enable Orono’s tax capacity rate to remain one of the lowest in <br />Hennepin County. <br />COUNCIL ACTION REQUESTED <br />Motion to adopt the resolution approving the 1997 collectible tax levy at $2,161,630, and to <br />establish the proposed 1997 General Fund Expenditure Budget at $3,447,605.