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AGENDA ITEM 2A (i) <br />STAFF ORIGINATOR Al Rolek <br />DATE December 8, 2014 <br />TOPIC Consideration of Resolution No. 14-147 adopting the Final 2014 Tax Levy, <br />Collectible in 2015. <br />VOTE REQUIRED Simple Majority <br />BACKGROUND <br />Minnesota State Statutes require the City of Lino Lakes to adopt and certify a final 2014 tax levy, collectible <br />in 2015 on or before December 28th. <br />The total levy includes dollars for the general operating budget as well as dollars for special levies for tax <br />abatement and general bonded debt. The levy provides resources for City operations, capital outlay and <br />equipment replacement, street and storm drainage maintenance and a contingency for unforeseen <br />emergencies. The levy also includes a voter -approved levy of $179,563 to service debt for the Birch/Ware <br />and Lake/Main intersection signalization projects. The total proposed tax levy for 2014/15 is $8,686,072, <br />$480,894 less than the preliminary levy adopted in September. The proposed levy represents an increase of <br />$390,028 from the 2013/14 tax levy. The tax rate is estimated to decrease for 2015 from 46.682% to <br />43.730%. <br />A public hearing was held on the tax levy for this evening. Tax levy information was presented and <br />discussed during the public hearing and public testimony was received. <br />The City Council needs to take final action on the tax levy at this time. <br />RECOMMENDATION <br />Staff recommendation is to adopt Resolution No. 14-147 approving the final 2014 Tax Levy, collectible in <br />2015. <br />ATTACHMENTS <br />Resolution 14-147. <br />A-1 <br />