NOTICE OF BUDGET HEARING AND BUDGET SUMMARY

City of Monument, Oregon

A meeting of the Monument City Council will be held on May 8, 2007 at 7:00 p.m. at 291 E. Main St., Monument, OR 97864. The purpose of this meeting is to discuss the budget for the fiscal year beginning July 1, 2007 as approved by the Budget Committee. A summary of the budget is presented below. A copy may be inspected or obtained at the City Hall on Tuesdays at 291 E. Main St., Monument, OR 97864 between the hours of 11:00 a.m. and 3:00 p.m. The budget was prepared on a basis of accounting that is consistent with the previous year.

Approved 2007-2008 Budget

Significant Changes

There were no significant changes from the prior year budget.

Major Activities of the City

General Fund - Maintains the general operations of the city including elections and budgeting, fire department operations, and park maintenance. Funding includes property taxes, grants, and various intergovernmental revenues.

Water Fund - Operations and maintenance of the city's water supply and services. Funding includes primarily water user fees.

Sewer Fund - Operations and maintenance of the city's wastewater system. Funding includes primarily sewer user fees.

State Street Fund - Maintenance and improvement of the city's streets and equipment. Funding includes state revenues. There will be no county road funds received for fiscal year 2007-08.

Transfer Station Fund - Operations and maintenance of the city's local transfer station. Funding primarily comes from user fees.

Water Bond Indebtedness Fund - Payment of bonds used for the construction of the city's water system. Funding comes from property taxes levied for the payment of the bonds.

Sewer Construction Loan Fund - Payment of loan used for the construction of the city's sewer system. Funding comes from a transfer from the Sewer Fund.

Airport Improvement Fund - Improvements at the local airport. Funding in the past has been provided by grants and donations and a transfer from the State Street Fund.

Sewer Replacement Reserve Fund - Accumulation of funds for future improvements and replacement. Funding provided by a transfer from the Sewer Fund.

The following is a summary of the property tax levy required by the FY 2007-2008 budget:

The City of Monument Budget Committee has recommended that the city levy the tax rate of $2.7052 per thousand dollars of assessed value, the maximum allowed under state law to be certified to the assessor of Grant County. Additionally the Budget Committee has recommended that the city levy $6,740 for the payment of bonded debt obligations.

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