09-09-13 Council Packet - Laserfiche WebLink

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CITY COUNCIL AGENDA ITEM 2A STAFF ORIGINATOR: Al Rolek MEETING DATE: September 9, 2013 TOPIC : Consideration of Resolution No. 13-100 adopting the preliminary 2013 Tax Levy, collectible in 2014. 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 15th of each year. The proposed preliminary tax levy of $8,341,329 will increase city taxes by $125,701 over the 2012/13 tax levy. The levy includes $174,943 for the first year of the voter-approved debt service levy for the signalization of the Lake/Main and Birch/Ware intersections. Without the voter-approved levy the 2013/14 levy would decrease by $49,242, the fifth consecutive year of operating levy decreases. The levy is estimated to result in a city tax rate of 47.987% for 2014. The State Legislature re-imposed a levy limit for levies collectible in 2014 for cities over 2,500 in population. For $8,227,259. The amount of the preliminary levy that is subject to the levy limit (debt service levies are exempt) is $7,144,207. This leaves the preliminary levy $1,083,052 below the state mandated limit. The preliminary levy in Resolution 13-100 represents 13/14. The final levy may be decreased, but can not be more than the preliminary levy when it is adopted in December. The total levy includes funding for the general operating budget, general bonded debt and tax abatements for debt service for the YMCA bonds. 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. 13-100. ATTACHMENTS Resolution No. 13-100 Page 29A 29B