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AGENDA ITEM 2A <br />STAFF ORIGINATOR: Al Rolek <br />MEETING DATE: September 14, 2009 <br />TOPIC: Consideration of Resolution No. 09 -66 adopting the <br />preliminary 2009 Tax Levy, collectible in 2010. <br />VOTE REQUIRED: Simple Majority <br />BACKGROUND <br />Minnesota State Statutes require the City of Lino Lakes to adopt and certify a preliminary <br />tax levy for the coming year on or before September 15th of each year. <br />The levy as proposed will decrease city taxes by $548,924 (5.9 %) from 2008/09 and is <br />about $634,000 under the state mandated limits. The city's tax base has decreased by <br />approximately 5.8% over the last year. The proposed levy is estimated to result in a city <br />tax rate of 38.616% for 2010, down slightly from 38.732% in 2009. <br />The proposed levy in Resolution 09 -66 represents the City's maximum levy for 2009/10. <br />The final levy may be decreased, but can not be more than the proposed levy when it is <br />adopted in December. <br />The total levy includes funding for the general operating budget, general bonded debt and <br />tax 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 <br />on the levy in December for changes, if necessary. <br />OPTIONS <br />1. Adopt Resolution 09 -66 adopting the proposed 2009 tax levy, collectible in 2010 <br />2. Return to Staff for further review <br />RECOMMENDATION <br />Option 1 <br />Page 29A — 29B <br />