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    7.    
City Council Regular
Meeting Date: 12/03/2019  
Subject:    Hold Truth-In-Taxation Public Hearing and Consider Resolutions 19-129 and 19-130 Adopting 2020 Budget and Tax Levy
From: Francine Hanson, Finance Director

INTRODUCTION
The City Council must hold a Truth-In-Taxation (TNT) hearing and consider adoption of the 2020 budget and tax levy.
DISCUSSION
The proposed 2020 City budget was discussed at a work session on August 13, 2019.   At the September 3, 2019 Council meeting, a preliminary levy was adopted to be certified to Anoka County.  Tonight's City Council meeting, December 3, 2019, was set as the Truth-in-Taxation public meeting at which the proposed budget for taxes payable year 2020 must be presented and discussed. At the hearing, the public must be given a reasonable amount of time to comment on the proposed property tax levy and budget and to ask questions.  Staff is prepared to make a short budget presentation at the City Council meeting.

Since the workshop in August when the City Council discussed the budget, a debt refinance was completed which resulted in a lower debt levy due to future interest savings.  The 2020 proposed budget debt levy was reduced by $136,869, and the tax rate was reduced to 40.035 from 40.261, resulting in a lower City tax than presented in the preliminary budget.

The 2020 Budget in Brief document has been attached to this memorandum and the complete 2020 proposed budget can be viewed on the City website at: http://www.coonrapidsmn.gov/549/Finance.
 
After the public hearing, resolutions adopting the budget and the tax levy are included for adoption.
RECOMMENDATION
Staff recommends:
a.         Conduct the Truth-In-Taxation hearing.     
b.         Approve Resolution 19-129 Adopting the 2020 Budget.
c.         Approve Resolution 19-130 Adopting the 2020 Tax Levy.

Attachments
Resolution 19-129 Adopting 2020 Budget
Resolution 19-130 2020 Tax Levy
2020 Budget in Brief

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