09-27-2021 Council Packet - Laserfiche WebLink

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CITY COUNCIL AGENDA ITEM 2A STAFF ORIGINATOR: Hannah Lynch, Finance Director MEETING DATE: September 27, 2021 TOPIC: Resolution No. 21-99, Adopting the Preliminary 2021 Tax Levy, Collectible in 2022 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 2022. 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 7, 2021 Work Session. Since that work session staff has received updated net tax capacity values from Anoka County, confirmed 2022 health and dental insurance premium increases, and included funding for special event programming and warming house attendants. Changes from the September 7th proposed budget are further detailed on page 3 of the attached budget document. The preliminary 2021/2022 levy includes resources for on-going city operations and contingencies for unforeseen expenditures. The proposed preliminary tax levy of $11,869,044 represents a $727,229 or 6.53% increase over the 2020/2021 tax levy. Over the last year the City’s net tax capacity value has grown by an estimated 5.63 %. The levy is estimated to result in a city tax rate of 40.373% for 2022, an increase from the 2021 tax rate of 40.109%. The preliminary levy in Resolution No. 21-99 represents the City’s maximum levy for 2022. 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. 21-99. ATTACHMENTS Resolution No. 21-99 2022 Annual Budget – Preliminary