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• <br />• <br />• <br />AGENDA ITEM 3B <br />STAFF ORIGINATOR Al Rolek <br />DATE September 4, 2002 <br />TOPIC Consideration of Resolution 02 -105 adopting the preliminary 2002 <br />Tax Levy, collectible in 2003. <br />Simple Majority <br />VOTE REQUIRED <br />BACKGROUND <br />Minnesota State Statutes require the City of Lino Lakes to adopt and certify a preliminary tax levy <br />for the coming year on or before September 15th of each year. <br />Minnesota cities over 2,500 in population are subject to levy limits. The levy limits set for 2002 are <br />very tight, with an inflation factor of only 0.76% plus adjustments for growth in households and <br />50% of growth in new commercial /industrial values. The tax levy proposed for 2002 collectible in <br />2003 is the maximum levy allowed under the city's levy limit. The proposed levy will result in a <br />decrease in the city's tax rate for 2003 and should reduce the city share of the tax bill for most <br />property owners. <br />The proposed levy may be decreased when the final levy is adopted in December. The final levy <br />can not be more than the proposed levy. <br />The total levy includes dollars for the general operating budget as well as dollars for general <br />bonded debt. <br />The levy will be further reviewed by the City Council and staff between September 9th and <br />December 9th, for changes if necessary. <br />OPTIONS <br />1. Adopt Resolution 02 -105 adopting the proposed 2002 tax levy, collectible in 2003. <br />2. Return to Staff for further review. <br />RECOMMENDATION <br />Option 1 <br />