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TO: <br />FROM: <br />DATE: <br />Mayor and City Council <br />Ron Moorse, City Administrator <br />November 25, 1992 <br />^6el f "^19 <br />03o <br />^”0 ^0 <br />SUBJECT: Truth in Taxation Hearing <br />I have enclosed summary information concerning the 1993 Budget <br />that will be presented at the Truth In Taxation hearing. The <br />information reflects the budget adjustments made by the Coucil at <br />the recent budget worksession. The budget includes $30,000 as <br />the start of a fire equipment fund and $50,000 as a reserve for <br />expenditures related to the Highway 12 corridor process, and as a <br />reserve against State Aid cuts. <br />The General Fund Budget which most affects tax levy is increased <br />3.2% over 1992. Due to reductions in other General Fund revenue <br />sources the 3.2t General Fund expenditure increase translates to <br />an 8.1% tax levy increase. The tax levy increase affects City <br />taxes on residential properties as follows: <br />A. $100,000 value: $17.00 o*^ 9.3% increase <br />B. $200,000 value: $15.78 or 3% reduction <br />C. $300,000 value: $58.69 or 6.8% reduction