09-26-2016 Council Packet - Laserfiche WebLink

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CITY COUNCIL AGENDA ITEM 2B STAFF ORIGINATOR: Sarah Cotton MEETING DATE: September 26, 2016 TOPIC : Resolution No. 16-119, Adopting the Preliminary 2016 Tax Levy, Collectible in 2017 VOTE REQUIRED: Simple Majority BACKGROUND Minnesota State Statutes require the City of Lino Lakes to adopt and certify a preliminary tax levy for the coming year on or before September 30th. The City Council and staff have met several times to discuss budget and levy considerations for 2017. The total preliminary levy includes dollars for the general operating budget as well as bonded indebtedness. City Council and staff reviewed a proposed preliminary tax levy at the September 12, 2016 Special Work Session. There was much discussion regarding the reduction of the preliminary tax levy for Pay 2017. Staff has prepared this report and Resolution No. 16-119 based on the figures that were reviewed at the September 12, 2016 Special Work Session. The preliminary 2016/2017 levy includes resources for on-going City operations, capital outlay and equipment replacement, and contingencies for unforeseen expenditures. The proposed preliminary tax levy of $9,685,562 represents a $627,134 or 6.9% increase over the 2015/2016 tax levy. Over the last year the City’s net tax capacity value has grown by 6.9%. The levy is estimated to result in a city tax rate of 45.985% for 2017, a rate flat to the 2016 tax rate of 45.985%. The preliminary levy in Resolution No. 16-119 represents the City’s maximum levy for 2017. The final levy may be decreased, but the preliminary levy cannot be raised when it is adopted in December. The levy may be further reviewed by the City Council and staff prior to the public hearing on the levy in December for changes, if necessary. RECOMMENDATION Staff recommends Adoption of Resolution No. 16-119. ATTACHMENTS Resolution No. 16-119