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City of <br />�equot <br />Lakes � <br />� <br />� <br />Date: <br />Subiect: <br />AGENDA ITEM #5.1 <br />REPORT TO <br />CITY COUNCIL <br />December 4, 2012 <br />2013 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 2013. <br />5. Backqround Information <br />September 4, 2012 - The City Council set a preliminary general revenue tax levy <br />of $1,563,362 and a tax abatement levy of $28,432. <br />November 13, 2012 - The Council reviewed a list of budget changes to the tax <br />levy funds. The recommended changes resulted in a general revenue tax levy of <br />$1,454,000. However, after the 2013 police contracts were approved by council <br />this revenue was adjusted in the 2013 budget for accuracy. This resulted in a <br />general revenue tax levy of $1,458,000. <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 ($1,458,000) plus the tax <br />abatement levy ($28,432) which brings the total levy amount to $1,486,432. This <br />is the number that is being presented at the Public Hearing for the Final Tax <br />Levy. This represents a 0.34% decrease over the 2012 total levy which was <br />$1,491,526). <br />