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Revised 1994 Proposed Budget Cont. <br />November 24, 1993 <br />page 2 <br />The amount of tax levy being used to fund debt service expenditures <br />has increased from $276,456 in 1993 to $343,471 in 1994, an <br />increase of $67,015 or 24%. This increase is due to two items: <br />1. This is the first budget that includes a levy for the Stubbs Bay <br />sewer project ($14,209). <br />2. The budget reflects the initiation of a levy for the 1989 sewer <br />and water bonds ($60,458). <br />The levy for the 1988 water and sewer bond debt service includes <br />the initially proposed levy of $25,000, $30,282 shifted from the <br />General Fund due to expenditure reductions in the General Fund, and <br />$13,176 shifted from the levy for the 1980 bonds, due to these <br />bonds being called. <br />The attached table titled City of Orono Tax Levies shows the <br />various levies included ii. proposed budget. <br />The proposed budget does reflect efforts to address significant <br />financial issues facing the city. These efforts will put the city <br />on a solid financial foundation for the future. Although the <br />proposed tax levy increase is greater than would be preferred, <br />taking this action now will prevent the need for even more <br />substantial increases in the future.