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1 <br />CITY COUNCIL <br />REGULAR MEETING STAFF REPORT <br />AGENDA ITEM 2A <br />STAFF ORIGINATOR: Hannah Lynch, Finance Director <br />MEETING DATE: December 11, 2023 <br />TOPIC: 2024 Budget and Tax Levy <br />VOTE REQUIRED: 3/5 <br />______________________________________________________________________________ <br />INTRODUCTION <br />Minnesota State Statutes require the City of Lino Lakes to hold a public hearing and adopt and <br />certify a final tax levy to the County Auditor on or before five working days after December 20th. <br />The final 2024 tax levy of $14,120, 928 represents a $1,227,013 or 9.52% increase over the <br />2023 tax levy. The final tax levy is unchanged from the preliminary tax levy and thus is the same <br />levy represented on proposed property tax statements sent out by Anoka County in mid- <br />November. <br />The levy is estimated to result in a city tax rate of 36.084% for 2024, an increase from the 2023 <br />tax rate of 34.974%. <br />BACKGROUND <br />The City Council discussed the 2024 budget and tax levy at multiple work sessions: <br />•August 14, 2023 <br />•August 28, 2023 <br />•September 5, 2023 <br />•November 6, 2023 <br />The final tax levy maintains essential services and programs while the City continues to <br />experience rising costs in the current inflationary environment. The 2024 tax levy increase can <br />be attributed to: <br />•Wages and benefits of current personnel <br />•Increased cost for supplies and services <br />•Recreation funding returning to pre-pandemic levels <br />•Purchase of two fire apparatus <br />•Pavement management funding to maintain target street condition ratings <br />137