HomeMy WebLinkAbout12.03.97 Special Council Minutes
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MINUTES
COUNCIL MEETING
TRUTH IN TAXATION HEARING
DECEMBER 3, 1997
1. The meeting was called to order by the Mayor at 7:00p.m. and the public hearing was opened.
Members present: Mayor Ristow, Councilmembers Cordes, Fitch, Gamer
Members absent: Councilmember Strachan
Also present: City Administrator Erar
2. Finance Director Roland gave an in-depth explanation of how local tax rate is computed. The
result of this calculation produces the taxable tax capacity which is used to determine the local
tax rates. The adjusted tax capacity value will be 33.5028% in the year 1998 as compared to
34.903% in 1997. The adjusted levy will be $1,706,008. Finance Roland stated that the levy is
significantly under the levy limit allowed.
3. City Administrator Erar spoke of the unprecedented growth in the City and commended the
Council for their 1998 budget guidelines:
. A commitment to maintain the 1998 Local Tax Capacity Rate at the same level as in 1997
. A fiscal goal that works toward establishing the General Fund Balance at no less than 25%
. A commitment to maintain the 1997 Debt Service Levy at no more than 25%
. A comprehensive review of the condition of capital equipment to ensure the most cost-
effective and consistent replacement schedule
. A team approach that encourages strategic planning to meet immediate and long-term
operational, infrastructure and facility needs
. A management philosophy that actively supports the implementation of Council policies and
goals and recognizes the need to be responsive to changing community conditions/concerns
4. Members of the audience asked the Council if they would continue to use TIF dollars to
entice future new business in Farmington. Council responded that TIF dollars will be used if it
makes sense, and to remain competitive. Council is very conservative in their approach.
5. Councilmember Fitch thanked the City Administrator, the management team and all city
employees for their efforts of a great, great job, well done in providing responsible government
that works for the people in the most efficient manner.
6. Motion by Gamer, second by Cordes to close the public hearing. APIF, Motion Carried.
7. Motion by Fitch, second by Gamer to adjourn at 8:30 p.m.
Respectfully submitted,
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Karen Finstuen
Administrative Service Manager