2004-132 Council Resolution - Laserfiche WebLink

Home Search

AGENDA ITEM 2B • STAFF ORIGINATOR Al Rolek MEETING DATE September 13, 2004 • • TOPIC Consideration of Resolution 04 -132 adopting the preliminary 2004 Tax Levy, collectible in 2005. Simple Majority VOTE REQUIRED BACKGROUND 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 allowed levy limits to sunset for the 2004/05 budget year. Market Value Homestead Credit Aid is to be reinstated for 2005; however, the City will again receive no Local Government Aid in 2005. The proposed budget incorporates several new staff positions and reinstates some of the programs that were suspended during the state budget crisis. In addition, Council has budgeted additional funds for street maintenance and repair which needs are outlined in a draft pavement management plan. With these changes to the budget, the levy as proposed will increase by 10.97% over 2004, while the tax base grew by 14.62 %. The proposed levy is expected to result in a steady city tax rate for 2005; however, given market adjustments on property values, the city tax is anticipated to increase by approximately 5 - 10% on the average property. The proposed levy in Resolution 04 -132 is the City's maximum levy for 2004/05. 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 13th and December 13th, for changes if necessary. OPTIONS 1. Adopt Resolution 04 -132 adopting the proposed 2004 tax levy, collectible in 2005. 2. Return to Staff for further review. RECOMMENDATION Option 1