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November 6, 2023 <br />Honorable Mayor <br />Members of the City Council <br />City of Lino Lakes <br />Introduction <br />The 2024-2028 Financial Plan (the Plan) has been prepared by Management to give a <br />five-year financial outlook for the City of Lino Lakes, Minnesota (the City). The Plan <br />includes assumptions to project operations, capital, and debt over the next five years to <br />continue to maintain essential services and programs including: <br />•Public safety (police and fire services) <br />•Street maintenance and construction <br />•Park maintenance and improvements <br />•Community and economic development <br />•Rookery Activity Center operations <br />•Capital equipment replacement <br />•Capital infrastructure debt service repayment <br />The Plan is just that, a plan. Adoption of the Plan does not signify approval of the <br />assumptions represented in the following pages. The Plan is intended to be used as a <br />guiding document for decision making. It allows the City to see the bigger picture in <br />order to manage limited resources and achieve its goals. <br />Key Highlights <br />The tax levy is projected to increase from $14.1 million to 18.9 million over the duration <br />of this Plan. The tax rate is projected to increase from 36.007% in 2024 to 41.348% in <br />2028. The tax rate increase can be attributed to the following: <br />•Decrease in tax capacity for taxes payable 2025. <br />•Annual increases to the Capital Equipment Replacement (Fund 402) operating <br />tax levy to continue pay-as-you-go funding for the replacement and addition of <br />equipment and vehicles. <br />34