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CITY COUNCIL AGENDA ITEM 2A STAFF ORIGINATOR: Sarah Cotton MEETING DATE: September 23, 2019 TOPIC: Resolution No. 19-121, Adopting the Preliminary 2019 Tax Levy, Collectible in 2020 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 2020. 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 9, 2019 Work Session. Staff has prepared this report and Resolution No. 19-121 based on the figures that were reviewed on September 9t. The City Council has scheduled a Special Budget Work Session prior to the regular City Council meeting on Monday, September 23ra The preliminary 2019/2020 levy includes resources for on -going city operations, capital outlay and equipment replacement, and contingencies for unforeseen expenditures. The proposed preliminary tax levy of $10,590,518 represents a $535,102 or 5.32% increase over the 2018/2019 tax levy. Over the last year the City's net tax capacity value has grown by an estimated 9.56%. The levy is estimated to result in a city tax rate of 40.115% for 2020, a reduction from the 2019 tax rate of 41.817%. The preliminary levy in Resolution No. 19-121 represents the City's maximum levy for 2020. 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. 19-121. ATTACHMENTS Resolution No. 19-121 General Fund Forecast Gap Analysis 2020 Proposed Budget & Tax Levy