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PROPOSED 1997 ANNUAL BUDGE'E/tvo <br />The proposed 1997 budget is fiscally conserva­ <br />tive in that it maintains current service le^ els while <br />positioning the city to address a number of long <br />term fiscal issues. These issues include the <br />following: <br />1. Funding for street repair and replacement. <br />2. Funding for priority sanitary sewer <br />projects. <br />3. Funding for storm water drainage projects. <br />GENERAL FUND EXPENDITURES <br />The proposed 1997 General Fund Expenditures, <br />those, with the greatest impact on the tax levy, are <br />$3,447,605. This is an increa.se of $99,850 or 2.9% <br />over the 1996 General Fund Budget. This rellects <br />an effoo. to hold the line on expenditures while <br />maintaining and improving current service <br />levels. <br />1997 GENERAL FUND EXI’ENDITtIRE.S <br />General Government <br />778 295 22.6% <br />Muc. <br />100.105 <br />2.9% <br />pireel <br />Maintenance <br />496.220 <br />14.4% <br />a-RecycIing <br />-.805 <br />.•>1.8% <br />CIndudc5 add $66,?2i <br />in Capiul Outlay) <br />TAX LEVY <br />The tax levy required to fund the total 1997 <br />budget is $2,161,630. This is an increase of <br />$80,790 or 3.88% over the 1996 levy. The por ­ <br />tion of the tax levy required to fund the General <br />Fund budget is $1,680,980. This is an increase of <br />$33,040 or 2.07c over the 1996 General Fund levy. <br />The major reason for the 3.887c overall levy <br />increase is a levy of $45,500 to enable a substantial <br />increase in the city's street repair program. This <br />levy amount positions the city to address botfthort <br />term and long term street repair needs. <br />Because of a signifi.cant increase in the city's tax <br />base, the proposed tax levy will result in a <br />reduction in the city's tax capacity rate from <br />14.743% to an estimated 14.246%. This 3.367o <br />reduction in the city's tax capacity rate will <br />enable Orono's tax capacity rate to remain one <br />of the lowest in Hennepin County. <br />1997 GENERAL FUND REVENUES <br />Fines & l-orl TiU <br />64.400 1.9% <br />"TRUTH IN TAXATION" (T in T) <br />HEARING DATES <br />The city will hold at least one T in T hearing to <br />present the proposed 1997 levy and budget and <br />provide an opportunity for the public to comment <br />and make recommendations. The initial hearing <br />is set for Wednesday, December 4, 1996, at 7:00 <br />p.ni If additional time is required to finish up the <br />public comment and discussion from the initial <br />hearing, a second, or continuation hearing, is set <br />for Wednesday, December 11,1996, at7:00p.m„ <br />and will be announced at the close of the initial <br />hearing. If there is sufficient time for the public <br />comment and di.scussion at the initial hearing, the <br />Council will announce a date, time and place for <br />the subsequent hearing for the official adoption <br />of the final tax levy and budget. All hearings will <br />be held in the City Council Chambers, located at <br />2780 Kelley Parkway. Orono.