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2022-144 Council Resolution
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2022-144 Council Resolution
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12/14/2022 8:48:02 AM
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12/14/2022 8:48:02 AM
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City Council
Council Document Type
Resolutions
Meeting Date
12/12/2022
Council Meeting Type
Regular
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CITY COUNCIL <br /> AGENDA ITEM 2A (i) <br /> STAFF ORIGINATOR: Hannah Lynch, Finance Director <br /> MEETING DATE: December 12, 2022 <br /> TOPIC: Consider Resolution No. 22-144, Adopting the Final 2022 Tax <br /> Levy, 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 final 2022 tax levy, <br /> collectible in 2023 on or before December 28, 2022. <br /> The total levy includes both an operating and debt service levy. The operating levy provides <br /> resources for general city operations, the Rookery Activity Center, equipment replacement, street <br /> maintenance, and park and trail improvements. The debt levy provides resources for the payment <br /> of interest and repayment of principal on bond issuances. The debt levy also includes voter- <br /> approved levies of $176,109 to service debt for the Birch/Ware and Lake/Main intersection <br /> signalization projects and $223,532 to service debt for the Shenandoah Street Reconstruction <br /> project. <br /> The total proposed tax levy for 2022/23 is $12,893,915 which is $73,142 or 0.56% lower than the <br /> preliminary levy adopted in September. The proposed levy represents an increase of$1,074,628,or <br /> 9.09% over the 2021/22 tax levy. The tax rate is estimated to decrease for 2023 from 40.154%to <br /> 34.935%. <br /> A public hearing was held on the tax levy this evening. Tax levy information was presented and <br /> discussed during the public hearing and public testimony was received. <br /> The City Council needs to take final action on the tax levy at this time. <br /> RECOMMENDATION <br /> Staff recommends the approval of Resolution No. 22-144. <br /> ATTACHMENTS <br /> 2023 Proposed Final Budget & Tax Levy <br /> Resolution No. 22-144 <br />
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