12-12-2022 City Council Packet - Laserfiche WebLink

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CITY COUNCIL AGENDA ITEM 2A (i) STAFF ORIGINATOR: Hannah Lynch, Finance Director MEETING DATE: December 12, 2022 TOPIC: Consider Resolution No. 22-144, Adopting the Final 2022 Tax Levy, Collectible in 2023 VOTE REQUIRED: 315 BACKGROUND Minnesota State Statutes require the City of Lino Lakes to adopt and certify a final 2022 tax levy, collectible in 2023 on or before December 28, 2022. The total levy includes both an operating and debt service levy. The operating levy provides resources for general city operations, the Rookery Activity Center, equipment replacement, street maintenance, and park and trail improvements. The debt levy provides resources for the payment of interest and repayment of principal on bond issuances. The debt levy also includes voter - approved levies of $176,109 to service debt for the Birch/Ware and Lake/Main intersection signalization projects and $223,532 to service debt for the Shenandoah Street Reconstruction proj ect. The total proposed tax levy for 2022/23 is $12,893,915 which is $73,142 or 0.56% lower than the preliminary levy adopted in September. The proposed levy represents an increase of $1,074,628, or 9.09% over the 2021/22 tax levy. The tax rate is estimated to decrease for 2023 from 40.154% to 34.935%. A public hearing was held on the tax levy this evening. Tax levy information was presented and discussed during the public hearing and public testimony was received. The City Council needs to take final action on the tax levy at this time. RECOMMENDATION Staff recommends the approval of Resolution No. 22-144. ATTACHMENTS 2023 Proposed Final Budget & Tax Levy Resolution No. 22-144