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AGENDA ITEM #10.3 <br /> REPORT TO <br /> CITY COUNCIL <br /> Date: October 2, 2007 <br /> Subject: 2008 General Levy and General Fund Budget <br /> Report: At the August 14th City Council meeting, the <br /> Council had a chance to review the preliminary levy. At <br /> that meeting, the levy increase from 2007 was at 9.45%. <br /> `- The Council made a few adjustments to the levy which <br /> lowered the levy to an 8.67% increase. The Council stated <br /> that it would like to see the levy amount reduced some <br /> more prior to final levy adoption. However, the Council <br /> wanted to see the affect on the tax rate prior to making a <br /> decision on how much to lower the levy. <br /> The attached information reveals how the levy amount <br /> affects the tax rates. Using the preliminary levy amount of <br /> $1,489.150, the City's General Tax Rate would be reduced <br /> by 4.467% and the City's Rural Service Tax Rate would be <br /> reduced by 2.233%. This is good news, as no matter what <br /> the Council decides to do with the levy number, the Pequot <br /> Lakes citizens will realize a reduction in the City tax rate. <br /> Nancy Malecha has provided some scenarios showing the <br />