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� <br /> . PUBLI� HEARING MINUTES OF SEPTEMBER 7, 1977 Page 2 <br /> � <br /> y � <br /> � In 1971 the Minnesota State Legislature imposed a six percent <br /> � levy limitation on all municipalities for taxes due and payable i <br /> in 1972. At that time Orono did not have a realistic dollar � <br /> � amount budgeted for the 1971 budget which established the base <br /> e for the levy limitation. � <br /> � The year 1972 found Orono exceeding the levy limitation for <br /> � the 1973 Budget by $11, 998. 73. _ Which meant that we would be <br /> penalized $. 33 on the dollar. Therefore, in 1973 when the <br /> �' 1974 budget was established Orono included the monies from <br /> � the Federal Revenue Sharing Program to support the General <br /> Fund and were able to under levy $9, 289. 92, reducing the excess <br /> � levy to $2, 708. 81. The 1975 Budget also reflected an under <br /> � levy of $4, 311. 79 which forgave the penalty incurred by the <br /> 1973 budget. This was made possible by including the Federal <br /> � Revenue Sharing monies again. <br /> � <br /> � The following Budgets of the years 1976 and 1977 have included <br /> � the Federal Revenue Sharing monies as means of financing the <br /> ' General Fund. If Orono had nc,t used these Federal Revenue <br /> • monies to support the GenEral �d we would be exceeding the <br /> levy limitation each year and would be penalized . 3� on the <br /> � dollar of each dollar exceeding the levy limitation. <br /> • <br /> � <br /> � <br /> a <br /> � <br /> � � <br /> � <br /> • (Continued) <br /> � <br /> � <br /> � <br /> � <br /> � <br /> � <br /> � <br /> � <br />