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City of <br />Veqpt <br />Lakes— <br />AGENDA ITEM #5.1 <br />REPORT TO <br />CITY COUNCIL <br />Date: December 6, 2011 <br />Sub'ect: <br />2012 BUDGET AND LEVY PUBLIC HEARING <br />THE CITY OF PEQUOT LAKES <br />6:30 p.m. <br />The purpose of the Public Hearing is to discuss and seek public comment on the City's <br />proposed budgets and proposed property tax levy for 2012. <br />5. Background Information <br />September 6. 2011 - The City Council set a preliminary general revenue tax levy <br />of $1,573,056 and a tax abatement levy of $28,526. <br />October 4. 2011 - The Council appointed a committee to work toward reducing <br />the general revenue tax levy. At the October Council meeting the committee <br />recommended budget modifications that reduced the general revenue tax levy to <br />$1,518,000. <br />November 1, 2011 - The Mayor and Council Member Sjoblad suggested further <br />budget modifications at the November Council meeting resulting in a general <br />revenue tax levy of $1,483,000. <br />(In the above descriptions, it is important to note that the full tax impact to <br />property owners includes the general revenue tax levy plus the tax abatement <br />levy of $28,526 which brings the total levy amount to $1,511,526. This is the <br />number that is being presented at the Public Hearing for the Final Tax Levy. <br />