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CITY COUNCIL AGENDA ITEM 2A STAFF ORIGINATOR: Sarah Cotton MEETING DATE: September 24, 2018 TOPIC: Resolution No. 18-117, Adopting the Preliminary 2018 Tax Levy, Collectible in 2019 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 2019. 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 10, 2018 Work Session. Staff has prepared this report and Resolution No. 18-117 based on the figures that were reviewed on September 10th. The preliminary 2018/2019 levy includes resources for on -going City operations, capital outlay and equipment replacement, and contingencies for unforeseen expenditures. The proposed preliminary tax levy of $10,162,007 represents a $385,275 or 3.94% increase over the 2017/2018 tax levy. Over the last year the City's net tax capacity value has grown by an estimated 6.43%. The levy is estimated to result in a city tax rate of 41.724% for 2019, a reduction from the 2018 tax rate of 42.826%. The preliminary levy in Resolution No. 18-117 represents the City's maximum levy for 2019. 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. 18-117. ATTACHMENTS Resolution No. 18-117 General Fund Forecast Gap Analysis