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• AGENDA ITEM 2B STAFF ORIGINATOR Al Rolek MEETING DATE September 11, 2006 TOPIC Consideration of Resolution 06 -143 adopting the preliminary 2006 Tax Levy, collectible in 2007. Simple Majority VOTE REQUIRED Minnesota State Statutes require the City of Lino Lakes to adopt and certify a preliminary tax levy for the coming year on or before September 15th of each year. Market Value Homestead Credit Aid will be re- implemented by the state for 2007, allowing the City Council to respond to growing needs while lowering the city tax rate. The proposed budget incorporates 2 staff positions (one of which is a promotion) and continues the programs for the maintenance of the city's capital equipment and infrastructure. With these changes to the budget, the levy as proposed will increase by 6.64% over 2006, while the tax base grew by 11.37 %. The proposed levy is expected to result in a city tax rate of 40.047% for 2007, down from 41.362% in 2006. The proposed levy in Resolution 06 -143 is the City's maximum levy for 2006/07. The final levy may be decreased, but can not be more than the proposed levy when it is adopted in December. The total levy includes funding for the general operating budget, general bonded debt and a tax abatement under agreements between the City and Target and Kohl's. The levy may be further reviewed by the City Council and staff between September 11th and December 11th, for changes if necessary. OPTIONS 1. Adopt Resolution 06 -143 adopting the proposed 2006 tax levy, collectible in 2007. 2. Return to Staff for further review. 0 Option 1 -44d-