HomeMy WebLinkAbout2007-132 Council Resolution•
Council Member Srnl rz introduced the following resolution and moved its
adoption:
CITY OF LINO LAKES
COUNTY OF ANOKA
RESOLUTION NO. 07-132
RESOLUTION ADOPTING AND CERTIFYING THE PRELIMINARY 2007 TAX LEVY, COLLECTIBLE IN
2008
WHEREAS, Minnesota State Statutes grant local govemments the authority to levy property taxes to
finance the operations of the local jurisdiction; and,
WHEREAS, the City of Lino Lakes annually levies property taxes to finance General Fund operating
costs and annual debt service on outstanding indebtedness; and,
WHEREAS, the City Council of Lino Lakes has reviewed the proposed 2008 General Fund operating
budget and the preliminary 2007 tax levy collectible in 2008; and,
WHEREAS, the preliminary levy is the maximum that the City will levy for tax year 2007 collectible in
2008, and which may be lowered but cannot be increased before adopting the final tax levy,
and,
WHEREAS, the City Council must certify the preliminary 2007 tax levy collectible in 2008 to the Anoka
County Auditor by September 15, 2007.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Lino Lakes, Anoka County,
Minnesota, hereby does levy on a preliminary basis the following upon taxable property in said City of Lino
Lakes:
1. Total amount levied in the year 2007 to be spread for taxes due and payable in the year
2008 is $8,866,956.
2. The total amount above levied is for the following purposes:
General Operating Levy $7,903,122
Special Levies
Tax Abatement — Target & Kohl's 70,114
Tax Abatement - Legacy/YMCA Abatement Bonds 2006C 42,443
General Bonded Debt
Public Project Revenue Bond 109,557
Civic Complex Bond 1998A 191,213
G.O. Improvement Bond 2003B 20,741
G.O. Improvement Refunding Bond 2005B 108,041
G.O. Tax Abatement Bond 20060 66,148
G.O. CIP Refunding Bond 2006E 125,580
Equipment Certificates of 2005 40,404
Equipment Certificates of 2006 122,603
Equipment Certificates of 2007 66.990
Total General Obligation Bonded Debt 851,277
TOTAL LEVIES $8.866.956
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j • hn J. -7- rges'/ , Mayor
Adopted by the Lino Lakes City Council this 10th day of September, 2007.
The motion for the adoption of the foregoing resolution was duly seconded by Council Member O'Donnell
and upon vote being taken thereon, the following voted in favor thereof:
Stoltz, O'Donnell, Carlson, Reinert, Bergeson
The following voted against same:
none
Whereupon said resolution was declared duly passed and adopted.
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AGENDA ITEM 2B
STAFF ORIGINATOR Al Rolek
MEETING DATE September 10, 2007
TOPIC Consideration of Resolution 07 -132 adopting the preliminary 2007
Tax Levy, collectible in 2008.
Simple Majority
VOTE REQUIRED
Minnesota 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 proposed budget incorporates 3 staff positions, assesses engineering needs and continues
the programs for the maintenance of the city's capital equipment and infrastructure. With these
changes to the budget, the levy as proposed will increase by 4.85% over 2007, while the tax base
grew by 4.81 %. The proposed levy is estimated to result in a city tax rate of 38.991 % for 2008,
down slightly from 38.994% in 2007.
The proposed levy in Resolution 07 -132 represents the City's maximum levy for 2007/08. 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 tax
abatements under agreements between the City and Target and Kohl's, the final year of this
agreement, and for debt service for the YMCA bonds.
The levy may be further reviewed by the City Council and staff prior to the Truth in Taxation
hearing for changes, if necessary.
1. Adopt Resolution 07 -132 adopting the proposed 2007 tax levy, collectible in 2008.
2. Retum to Staff for further review.
Option 1