2005-131 Council Resolution - Laserfiche WebLink

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AGENDA ITEM 2B STAFF ORIGINATOR Al Rolek MEETING DATE September 13, 2005 TOPIC Consideration of Resolution 05 -131 adopting the preliminary 2005 Tax Levy, collectible in 2006. 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. The Minnesota State Legislature has again suspended the Market Value Homestead Credit Aid and Local Govemment Aid to the city has been permanently eliminated. The proposed budget incorporates 2 new staff positions and continues some of the programs that were re- implemented in 2005. With these changes to the budget, the levy as proposed will increase by 9.7% over 2005, while the tax base grew by 11.9 %. The proposed levy is expected to result in a lower city tax rate for 2006. The proposed levy in Resolution 05 -131 is the City's maximum levy for 2005/06. 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 will : be further reviewed by the City Council and staff between September 1:3th and December 12th, for changes if necessary. 1. Adopt Resolution 05 -131 adopting the proposed 2005 tax levy, collectible in 2006. 2. Retum to Staff for further review. Option 1