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AGENDA ITEM 2B <br />STAFF ORIGINATOR Al Rolek <br />IIMEETING DATE September 8, 2008 <br />TOPIC Consideration of Resolution 08 -92 adopting the preliminary 2008 <br />Tax Levy, collectible in 2009. <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 state legislature has again implemented property tax levy limits for the next three years, <br />beginning with the 2008/09 tax levy. The levy as proposed will increase by 4.25% over 2007/08, <br />which is within the state mandated limits. The city's tax base has increased by 4.34% over the <br />last year. The proposed levy is estimated to result in a city tax rate of 38.574% for 2009, down <br />slightly from 38.967% in 2008. <br />The proposed levy in Resolution 08 -92 represents the City's maximum levy for 2008/09. The <br />final levy may be decreased, but can not be more than the proposed 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 Truth in Taxation <br />hearing for changes, if necessary. <br />1. Adopt Resolution 08 -92 adopting the proposed 2008 tax levy, collectible in 2009. <br />2. Return to Staff for further review. <br />Option 1 <br />• <br />Page 29A — 29B <br />