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**Continuation of Truth in Taxation—This is a public hearing held to complete the <br /> \.- Initial Truth In Taxation hearing, if the initial hearing is not completed on the scheduled <br /> date. <br /> ***Subsequent Hearing—This hearing is held to adopt the City's final property tax levy <br /> and final budget. At this hearing,the City may amend its proposed property tax levy and <br /> adopt a final tax levy. <br /> Cities can be exempt from holding a truth in taxation <br /> hearing if the preliminary levy falls below the exemption <br /> level set by the Minnesota Department of Revenue. The <br /> attached information from the Minnesota Department of <br /> Revenue shows the exemption point for Pequot Lakes at <br /> $1,548,313. The City's preliminary levy of$1,522,106 is <br /> $26,207 under the exemption requirement. <br /> Therefore, the Council may elect to opt out of the Truth in <br /> Taxation Hearing requirements. <br /> Council Action Requested: <br /> 1. Council decision whether or not to hold the truth in <br /> taxation hearings <br /> 2. If the Council decides to hold the hearings regardless <br /> of the City's exemption status, we will need a Council <br /> motion calling the above stated special Council meetings. <br />