Politics & Government
City's Reserve Surplus Will Result in Debt Buy-Downs
Edina City Council sets 2012 preliminary levy limit, which will not exceed 1.8 percent.
The Edina City Council has set a preliminary levy hike not to exceed 1.8 percent for the 2012 budget.
On Tuesday, the council at its regular meeting said it hoped to be lower than the 1.8 percent, citing some projected debt buy-downs as its reason for optimism.
“We have some pretty good ideas in that regard,” said Mayor Jim Hovland.
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A recent project assessment for work done at as well as retiring some bonds early could result in a total savings of more than $1.5 million.
The city has a reserve of approximately $1.5 million, a large part of which results from a savings of roughly $1 million in its communications department.
Find out what's happening in Edinafor free with the latest updates from Patch.
The final levy and 2012 budget will be established in December, Hovland said.
The city anticipates building permits and teardown permits to continue to be strong, which adds to the coiffures.
“I suspect we are going to be in a good place," the mayor added. “We are already taking a look at 2013.”
The Council also approved a contract related to the recent preliminary hiring of redevelopment and approved a progress report submitted to the city by the special Grandview steering committee.
