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CITY COUNCIL <br />AGENDA ITEM 2A <br />STAFF ORIGINATOR: Hannah Lynch, Finance Director <br />MEETING DATE: September 26, 2022 <br />TOPIC: Resolution No. 22-110, Adopting the Preliminary 2022 Tax Levy, <br />Collectible in 2023 <br />VOTE REQUIRED: 3/5 <br />BACKGROUND <br />Minnesota State Statutes require the City of Lino Lakes to adopt and certify a preliminary tax levy <br />for the coming year on or before September Vh. <br />The City Council and staff have met to discuss the preliminary budget and levy considerations for <br />2023. The total preliminary levy includes dollars for general operations as well as bonded <br />indebtedness. <br />The proposed preliminary 2022/2023 tax levy of $12,967,057 represents a $1,147,770 or 9.71 % <br />increase over the 2021/2022 tax levy. Over the last year the City's net tax capacity value has grown <br />by 29.94%. The levy is estimated to result in a city tax rate of 34.979% for 2023, a decrease from the <br />2022 tax rate of 40.154%. <br />The preliminary levy in Resolution No. 22-110 represents the City's maximum levy for 2023. The <br />final 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 <br />in December for changes, if necessary. <br />RECOMMENDATION <br />Staff recommends adoption of Resolution No. 22-110. <br />ATTACHMENTS <br />Resolution No. 22-110 <br />2023 Annual Budget — Preliminary <br />