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AGENDA ITEM #7 <br /> REPORT TO <br /> CITY COUNCIL <br /> Date: November 8, 2006 <br /> Subiect: Budget Review <br /> Report: The Truth In Taxation Hearing will be held on <br /> December 4, 2006. At this meeting the Council will review the <br /> budget and proposed levy. This meeting also gives the public time <br /> to ask questions regarding the budget and levy. <br /> At the September 5th Council meeting, the Council approved the <br /> preliminary general fund levy at $1,384,700. Nancy and I will be <br /> dong a final review of the budget and may be able to present a few <br /> possible reductions on November 8, 2006. <br /> We have received the preliminary net tax capacity numbers from <br /> the County. Using these preliminary numbers, and the City's <br /> preliminary levy, a City tax rate decrease will be realized in 2007. <br /> See attached, but keep in mind that this is subject to change until <br /> we get the final numbers from the County in mid November. <br /> Council Action Requested: Council consensus on the levy and <br /> budget numbers that will be presented at the Truth In Taxation <br /> hearing. <br />