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CITY COUNCIL <br />REGULAR MEETING STAFF REPORT <br />AGENDA ITEM 3A <br />STAFF ORIGINATOR: Hannah Lynch <br />MEETING DATE: September 23, 2024 <br />TOPIC: Consider Resolution No. 24-121, Adopting the 2025 Preliminary <br />Levy <br />VOTE REQUIRED: Simple Majority <br />INTRODUCTION <br />Minnesota Statutes require the City of Lino Lakes to adopt and certify a preliminary property <br />tax levy for taxes payable in the following year on or before September 30tn <br />The 2025 preliminary levy of $16,006,535 represents a $1,885,607 or 13.35% increase over the <br />2024 levy. With the net tax capacity value increasing only 1.74%, the tax rate is anticipated to <br />increase to 40.133% from 36.098%. <br />The preliminary levy in Resolution No. 24-121 represents the City's maximum levy for 2025. The <br />final levy may be decreased but cannot be raised when it is adopted in December. <br />BACKGROUND <br />The City Council held two budget work sessions where the following was discussed as it relates <br />to the draft 2025 Annual Budget and 2025-2029 Financial Plan: <br />August 12, 2024: Tax Levy, 2025 Capital, General Fund Budget <br />August 26, 2024: Enterprise and Rookery Activity Center Fund Budgets <br />The preliminary levy maintains essential services and programs while the city continues to <br />experience rising costs in the current inflationary environment. Highlights of the levy increase <br />are depicted in the graph below. <br />