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MINUTES <br /> OF THE SPECIAL MEETING OF THE <br /> EDINA CITY COUNCIL HELD AT CITY HALL <br /> ON DECEMBER 3,2007 AT 5:00 P.M. <br /> ROLLCALL Answering rollcall were Members Bennett, Masica, Swenson and Mayor Hovland. <br /> Member Housh was absent. <br /> TRUTH IN TAXATION PUBLIC HEARING HELD FOR PROPOSED 2008 CITY BUDGET <br /> Pursuant to published notice given; the Edina City Council conducted a public hearing on the <br /> proposed property tax increase in the 2008 Budget for the City of Edina. <br /> Mayor Hovland stated the purpose of the Truth in Taxation hearing would focus on the proposed <br /> 2008 City of Edina Budget. The budget review would relate to the monies' source and how they <br /> would be expended on the various functions and services of the City. Residents with questions <br /> relating to the valuation placed on their homes should plan to appear at the Board of Review in <br /> the spring of 2008. <br /> Manager Hughes introduced a short video entitled 14 Reasons Property Taxes Go Up or Down <br /> produced by the League of MN Cities, the Association of MN Counties, and the MN School Boards <br /> Association. Mr. Hughes said filming and technical work on the video was done by Tremendous <br /> Entertainment 2006. <br /> Following the video, Assistant Finance Director Roggeman reviewed the 2008 proposed <br /> expenditures of $30,536.263. He explained this would be an increase of $1,647,597 or <br /> approximately 5.70%. Mr. Hughes noted that $455,641 of the increase represented the first year's <br /> debt service on bonds issued to finance the reconstruction of Fire Station #1. Mr. Hughes said the <br /> City's tax revenues must increase $1,084,841 or 5.18% from 2007 to support the proposed <br /> expenditures. <br /> Public Comment <br /> No one appeared to offer comment. <br /> The Council briefly discussed the relationship between values and property taxes, asked questions <br /> including some about the operation of City Enterprises and reviewed that the final 2008 Operating <br /> Budget would be adopted at the regular meeting of the Council on December 18, 2007. <br /> Member Swenson made a motion to close the Truth in Taxation Hearing. Member Masica <br /> seconded the motion. <br /> Ayes: Bennett, Masica,Swenson, Hovland <br /> Motion carried. <br /> Member Masica made a motion cancelling the December 10, 2007, continuation date for the <br /> 2008 Truth in Taxation hearing. Member Swenson seconded the motion. <br /> Ayes: Bennett,Masica,Swenson,Hovland <br /> Motion carried. <br /> Mayor Hovland adjourned the meeting at 5:46 p.m. <br /> Respectfully submitted, <br /> QAy Clerk <br /> Page 1 <br />