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2016-119 Council Resolution
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2016-119 Council Resolution
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6/14/2017 12:01:25 PM
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6/12/2017 1:12:22 PM
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City Council
Council Document Type
Resolutions
Meeting Date
09/26/2016
Council Meeting Type
Regular
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CITY COUNCIL <br />AGENDA ITEM 2B <br />STAFF ORIGINATOR: Sarah Cotton <br />MEETING DATE: September 26, 2016 <br />TOPIC : Resolution No. 16-119, Adopting the Preliminary 2016 Tax Levy, <br />Collectible in 2017 <br />VOTE REQUIRED: Simple Majority <br />BACKGROUND <br />Minnesota State Statutes require the City of Lino Lakes to adopt and certify a preliminary tax levy for the <br />coming year on or before September 30t. <br />The City Council and staff have met several times to discuss budget and levy considerations for 2017. The <br />total preliminary levy includes dollars for the general operating budget as well as bonded indebtedness. <br />City Council and staff reviewed a proposed preliminary tax levy at the September 12, 2016 Special Work <br />Session. There was much discussion regarding the reduction of the preliminary tax levy for Pay 2017. Staff <br />has prepared this report and Resolution No. 16-119 based on the figures that were reviewed at the <br />September 12, 2016 Special Work Session. <br />The preliminary 2016/2017 levy includes resources for on-going City operations, capital outlay and <br />equipment replacement, and contingencies for unforeseen expenditures. The proposed preliminary tax levy <br />of $9,685,562 represents a $627,134 or 6.9% increase over the 2015/2016 tax levy. Over the last year the <br />City's net tax capacity value has grown by 6.9%. The levy is estimated to result in a city tax rate of <br />45.985% for 2017, a rate flat to the 2016 tax rate of 45.985%. <br />The preliminary levy in Resolution No. 16-119 represents the City's maximum levy for 2017. The final <br />levy may be decreased, but the preliminary levy cannot be raised when it is adopted in December. <br />The levy may be further reviewed by the City Council and staff prior to the public hearing on the levy in <br />December for changes, if necessary. <br />RECOMMENDATION <br />Staff recommends Adoption of Resolution No. 16-119. <br />ATTACHMENTS <br />Resolution No. 16-119 <br />
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