HomeMy WebLinkAbout2022-144 Council Resolution CITY OF LINO LAKES
RESOLUTION NO. 22-144
ADOPTING THE FINAL 2022 TAX LEVY, COLLECTIBLE IN 2023
WHEREAS,the City of Lino Lakes has budgeted to pay expenditures for operating costs
anticipated in the year 2023, 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 2022 tax levy, collectible in 2023, 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, 2022.
NOW,THEREFORE BE IT RESOLVED that The City Council of The City of Lino Lakes,
approves its final 2022 tax levy, collectible in 2023, upon taxable property within the City of
Lino Lakes as follows:
1. Total amount levied in the year 2022 to be spread for taxes due and payable in the year
2023 is $12,893,915.
2. The total amount levied above is for the following purposes:
Operating Levy $11,319,531
Bonded Indebtedness
G.O. Bond 2012A 176,109
G.O. Bond 2015A 273,959
EDA Lease/Revenue Bond 2015 320,815
G.O. Bond 2018A 485,737
G.O. Bond 2021A 211,465
Equipment Certificates 2020 106,299
Total Bonded Indebtedness: $1,574,384
TOTAL LEVIES $12,893,915
Adopted by the Council of the City of Lino Lakes this 12th day of December, 2022.
The motion for the adoption of the foregoing resolution was introduced by Council Member
4' -tn and was duly seconded by Council Member tZUh\QnC, and upon
vote being taken thereon, the following voted in favor thereof: FZCXc-FePJ, Cain, lyden ,
The following voted against same: {•,tile.
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Rol.Ra rty, Mayor
ATTEST:
Julianne Bart , City Clerk
CITY COUNCIL
AGENDA ITEM 2A (i)
STAFF ORIGINATOR: Hannah Lynch, Finance Director
MEETING DATE: December 12, 2022
TOPIC: Consider Resolution No. 22-144, Adopting the Final 2022 Tax
Levy, Collectible in 2023
VOTE REQUIRED: 3/5
BACKGROUND
Minnesota State Statutes require the City of Lino Lakes to adopt and certify a final 2022 tax levy,
collectible in 2023 on or before December 28, 2022.
The total levy includes both an operating and debt service levy. The operating levy provides
resources for general city operations, the Rookery Activity Center, equipment replacement, street
maintenance, and park and trail improvements. The debt levy provides resources for the payment
of interest and repayment of principal on bond issuances. The debt levy also includes voter-
approved levies of $176,109 to service debt for the Birch/Ware and Lake/Main intersection
signalization projects and $223,532 to service debt for the Shenandoah Street Reconstruction
project.
The total proposed tax levy for 2022/23 is $12,893,915 which is $73,142 or 0.56% lower than the
preliminary levy adopted in September. The proposed levy represents an increase of$1,074,628,or
9.09% over the 2021/22 tax levy. The tax rate is estimated to decrease for 2023 from 40.154%to
34.935%.
A public hearing was held on the tax levy 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. 22-144.
ATTACHMENTS
2023 Proposed Final Budget & Tax Levy
Resolution No. 22-144