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AGENDA ITEM 2A <br />STAFF ORIGINATOR Al Rolek <br />• MEETING DATE September 13, 2010 <br />• <br />TOPIC Consideration of Resolution 10 -78 adopting the preliminary 2010 <br />Tax Levy, collectible in 2011. <br />Simple Majority <br />VOTE REQUIRED <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 />The proposed preliminary tax levy of $8,660,000 will decrease city taxes by $35,414 (0.41%) from <br />the 2009/10 tax levy, and is $948,834 under the state mandated limits. The city's tax base has <br />decreased by approximately 9.76% over the last year. The proposed levy is estimated to result in <br />a city tax rate of 41.728% for 2011. <br />The proposed levy in Resolution 10 -78 represents the City's maximum levy for 2010/11. The <br />final levy may be decreased, but can not be more than the preliminary levy when it is adopted in <br />December. <br />The total levy includes funding for the general operating budget, general bonded debt and tax <br />abatements for debt service for the YMCA bonds. <br />The levy may be further reviewed by the City Council and staff prior to the public hearing on the <br />levy in December for changes, if necessary. <br />1. Adopt Resolution 10 -78 adopting the proposed 2010 tax levy, collectible in 2011 <br />2. Return to Staff for further review <br />i'ECOMMENDATION <br />Option 1 <br />Page 29A — 29B <br />