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AGENDA ITEM 2A <br />STAFF ORIGINATOR Al Rolek <br />• MEETING DATE September 12, 2011 <br />TOPIC Consideration of Resolution 11 -89 adopting the preliminary 2011 <br />Tax Levy, collectible in 2012. <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 />The proposed preliminary tax levy of $8,227,259 will decrease city taxes by $432,741 (5.00 %) <br />from the 2010/11 tax levy. The city's tax base has decreased by approximately 5.00% over the <br />last year. The proposed levy is estimated to result in a city tax rate of 42.042% for 2012. <br />The proposed levy in Resolution 11 -89 represents the City's maximum levy for 2011/12. 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 />OPTIONS'' <br />1. Adopt Resolution 11 -89. <br />2. Return to Staff for further review <br />RECOMMENDATION <br />Option 1 <br />• <br />P. 31a. <br />