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CITY COUNCIL <br />REGULAR MEETING STAFF REPORT <br />AGENDA ITEM 2A <br />STAFF ORIGINATOR: Hannah Lynch, Finance Director <br />MEETING DATE: December 9, 2024 <br />TOPIC: Public Hearing - 2025 Budget and Tax Levy <br />i. Consider Resolution No. 24-168, Adopting the 2025 Final <br />Budget and Levy <br />VOTE REQUIRED: Simple Majority <br />INTRODUCTION <br />Minnesota Statutes require the City of Lino Lakes to hold a public hearing and adopt and certify <br />a final property tax levy for taxes payable in the following year on or before five working days <br />after December 201" <br />The 2025 final levy of $15,591,090 represents a $1,470,162 or 10.41% increase over the 2024 <br />levy. With the net tax capacity value increasing only 1.53%, the tax rate is anticipated to <br />increase to 39.065% from 36.098%. <br />BACKGROUND <br />The City Council discussed the 2025 budget and levy at multiple work sessions: <br />• August 12, 2024 <br />• August 26, 2024 <br />• September 9, 2024 <br />• November 4, 2024 <br />The proposed 2025 final levy maintains essential services and programs while the city continues <br />to experience rising costs in the current inflationary environment. Highlights of the levy <br />increase from the 2024 levy are depicted in the following graph. <br />1 <br />