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MEMORANDUM <br />DATE: November 22, 1995 <br />TO: Mayor and Council <br />FROM: Gordon L. Hughes <br />Assistant City Manager <br />SUBJECT: TRUTH IN TAXATION HEARING <br />Enclosed is a packet concerning the 1996 Edina City Budget. This packet as well as a <br />summary of the budget will be available to everyone attending the November 29, 1995, <br />Truth in Taxation hearing. We will also have copies of the full budget for those individuals <br />who desire more detailed information. <br />TRUTH IN TAXATION /BUDGET ADOPTION PROCESS <br />The official Truth in Taxation hearing is scheduled for November 29, 1995. If the Council <br />wishes, the hearing may be continued until December 15, 1995. The Council may not <br />adopt the final budget and final property tax levy at the Truth in Taxation hearing. After the <br />close of the Truth in Taxation hearing, the Council must announce the time and place of <br />the meeting at which they will consider adoption of the final budget and final property tax <br />levy. This budget adoption meeting may not occur less than 24 hours after completion of <br />the Truth in Taxation hearing. <br />If the Council concludes on November 29 that an adequate opportunity has been afforded <br />to all desiring to be heard, it should proceed to adopt a motion closing the hearing. The <br />Council should then formally establish a time for the consideration of the final budget and <br />property tax levy. Staff would recommend that this consideration be given at the Council's <br />regularly scheduled meeting of December 4, 1995. If the Council wishes, it may further <br />continue the final budget and property tax levy consideration until the December 19, 1995, <br />City Council meeting. The Council need not consider the budget and the levy at a regularly <br />scheduled meeting, although this has been the Council's past practice. If the Council <br />wishes to continue the Truth in Taxation hearing until December 15, 1995, the final budget <br />and final levy would presumably not be considered until December 19, 1995. <br />Please call if you have any questions concerning the attached materials. We will be happy <br />to prepare additional materials at your request. <br />