HomeMy WebLinkAbout2017-141 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 17-141
RESOLUTION ADOPTING THE FINAL 2017 TAX LEVY, COLLECTIBLE IN 2018
WHEREAS, the City of Lino Lakes has budgeted to pay expenditures for General Fund
operating costs anticipated in the year 2018, 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 2017 tax levy, collectible in 2018, 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 11, 2017.
NOW, THEREFORE BE IT RESOLVED that The City Council of The City of Lino Lakes,
approves its final 2017 tax levy, collectible in 2018, upon taxable property within the City of
Lino Lakes as follows:
1. Total amount levied in the year 2017 to be spread for taxes due and payable in the year
2018 is $9,776,732.
2. The total amount levied above is for the following purposes:
General Operating Levy $8,165,859
Bonded Indebtedness
G.O. Bond 2012A 176,390
G.O. Bond 2015A 274,378
EDA Lease/Revenue Bond 2015 319,397
G.O. Tax Abatement Refunding Bonds 2016C 276,176
Equipment Certificates 2015A 70,258
Equipment Certificates 2015B 214,090
Equipment Certificates 2016 167,097
Equipment Certificates 2017 113,087
Total Bonded Indebtedness: $1,610,873
TOTAL LEVIES $9,776,732
Adopted by the Council of the City of Lino Lakes this 11th day of December, 2017.
The motion for the adoption of the foregoing resolution was introduced by Council Member
Manthey and was duly seconded by Council Member terroan and upon
vote being taken thereon, the following voted in favor thereof:
Manthey, Kusterman, Rafferty, Maher, Reinert
The following voted against same:
none
ATTEST:
ne Bartell, lerk
Jeff Reinert, or
STAFF ORIGINATOR:
MEETING DATE:
TOPIC:
VOTE REQUIRED:
BACKGROUND
CITY COUNCIL
AGENDA ITEM 2A (i)
Sarah Cotton
December 11, 2017
Consider Resolution No. 17-141, Adopting the Final 2017 Tax
Levy, Collectible in 2018
3/5
Minnesota State Statutes require the City of Lino Lakes to adopt and certify a final 2017 tax levy,
collectible in 2018 on or before December 29, 2017.
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 surface water maintenance and a contingency for
unforeseen emergencies. The levy also includes voter -approved levies of $176,390 to service debt
for the Birch/Ware and Lake/Main intersection signalization projects and $219,227 to service debt
for the Shenandoah Street Reconstruction project. The total proposed tax levy for 2017/18 is
$9,776,732 which is equal to the preliminary levy adopted in September. The proposed levy
represents an increase of $284,877 over the 2016/17 tax levy. The tax rate is estimated to decrease
for 2018 from 45.140% to 42.756%.
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. 17-141.
ATTACHMENTS
2018 Final Proposed Budget & Tax Levy
Resolution No. 17-141, Adopting the Final 2017 Tax Levy, Collectible in 2018