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AGENDA ITEM 2B STAFF ORIGINATOR Al Rolek MEETING DATE September 10, 2007 TOPIC Consideration of Resolution 07 -132 adopting the preliminary 2007 Tax Levy, collectible in 2008. 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 proposed budget incorporates 3 staff positions, assesses engineering needs 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 4.85% over 2007, while the tax base grew by 4.81 %. The proposed levy is estimated to result in a city tax rate of 38.991 % for 2008, down slightly from 38.994% in 2007. The proposed levy in Resolution 07 -132 represents the City's maximum levy for 2007/08. 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 tax abatements under agreements between the City and Target and Kohl's, the final year of this agreement, and for debt service for the YMCA bonds. The levy may be further reviewed by the City Council and staff prior to the Truth in Taxation hearing for changes, if necessary. 1. Adopt Resolution 07 -132 adopting the proposed 2007 tax levy, collectible in 2008. 2. Retum to Staff for further review. Option 1