HomeMy WebLinkAbout2016-162 Council ResolutionCITY OF LINO LAKES
L.• RESOLUTION NO. 16-162
RESOLUTION ADOPTING THE FINAL 2016 TAX LEVY, COLLECTIBLE IN 2017
WHEREAS, the City of Lino Lakes has budgeted to pay expenditures for General Fund
operating costs anticipated in the year 2017, and
WHEREAS, the City of Lino Lakes has budgeted to pay the annual debt service on outstanding
indebtedness, and
WHEREAS, the City Council adopted its preliminary 2016 tax levy, collectible in 2017, in
anticipation of the above expenses, and
WHEREAS, the City Council has published in the official newspaper all notices required by
Minnesota State Statutes and the City Charter, and
WHEREAS, the City Council held its public hearing on December 12, 2016.
NOW, THEREFORE BE IT RESOLVED that The City Council of The City of Lino Lakes,
approves its final 2016 tax levy, collectible in 2017, upon taxable property within the City of
Lino Lakes as follows:
1. Total amount levied in the year 2016 to be spread for taxes due and payable in the year
2017 is $9,491,855.
2. The total amount levied above is for the following purposes:
General Operating Lea $7,360,431
Bonded Indebtedness
G.O. CIP Refunding Bond 2006E 464,100
G.O. Bond 2012A 177,692
G.O. Bond 2015A 273,223
EDA Lease/Revenue Bond 2015 317,717
G.O. Tax Abatement Refunding Bonds 2016C 261,560
Equipment Certificates 2014 178,164
Equipment Certificates 2015A 71,749
Equipment Certificates 2015B 215,030
Equipment Certificates 2016 172,189
Total Bonded Indebtedness: 2,131,424
TOTAL LEVIES $9,491,855
Adopted by the Council of the City of Lino Lakes this 12th day of December, 2016.
The motion for the adoption of the foregoing resolution was introduced by Council Member
Manthey and was duly seconded by Council Member Kusterman and upon
vote being taken thereon, the following voted in favor thereof:
Manthey, Kusterman, Maher, Rafferty, Reinert
The following voted against same:
none
ATTEST:
Jul nne
Bartell, Cit Clerk
STAFF ORIGINATOR:
MEETING DATE:
TOPIC:
VOTE REQUIRED:
BACKGROUND
CITY COUNCIL
AGENDA ITEM 2B(i)
Sarah Cotton
December 12, 2016
Consider Resolution No. 16-162, Adopting the Final 2016 Tax
Levy, Collectible in 2017
3/5
Minnesota State Statutes require the City of Lino Lakes to adopt and certify a final 2016 tax levy,
collectible in 2017 on or before December 28, 2016.
The total levy includes dollars for the general operating budget as well as dollars for special levies
for tax abatement and bonded indebtedness. The levy provides resources for City operations, capital
outlay and equipment replacement, street and storm drainage maintenance and a contingency for
unforeseen emergencies. The levy also includes voter -approved levies of $177,692 to service debt
for the Birch/Ware and Lake/Main intersection signalization projects and $217,127 to service debt
for the Shenandoah Street Reconstruction project. The total proposed tax levy for 2016/17 is
$9,491,855, which is a decrease of $193,707 to the preliminary levy adopted in September. The
proposed levy represents an increase of $433,427 over the 2015/16 tax levy. The tax rate is
estimated to decrease for 2017 from 46.017% to 45.044%.
A public hearing was held on the tax levy for this evening. Tax levy information was presented and
discussed during the public hearing and public testimony was received.
The City Council needs to take final action on the tax levy at this time.
RECOMMENDATION
Staff recommends the approval of Resolution No. 16-162.
ATTACHMENTS
Resolution No. 16-162, Adopting the Final 2016 Tax Levy, Collectible in 2017