HomeMy WebLinkAbout2007-208 Council Resolution•
Council MemberStoltz introduced the following resolution and moved its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 07 -208
RESOLUTION ADOPTING THE FINAL 2007 TAX LEVY, COLLECTIBLE IN 2008
WHEREAS, the City of Lino Lakes has budgeted to pay expenditures for General Fund
operating costs anticipated in the year 2008; 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 2007 tax levy, collectible in 2008, in
anticipation of the above expenses; and,
WHEREAS, the City Council has published in the official newspaper all notices required by
Minnesota statutes and the City Charter; and,
WHEREAS, the City Council held its Truth in Taxation public hearing on December 10, 2007.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Lino Lakes, Anoka
County, Minnesota, approves its final 2007 tax levy, collectible in 2008, upon taxable property
within the City of Lino Lakes as follows:
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
112,557
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 2006C 66,148
G.O. Capital Improvement Plan 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
Adopted by the Lino Lakes City Council this 17th day of December, 2007.
The motion for the adoption of the foregoing resolution was duly seconded by Council Member
Carlson and upon vote being taken thereon, the following voted in favor thereof:Stoltz, Carlson, Reinert;
The following voted against same: 0' Donnell, Bergeson
none
A -1
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Whereupon said resolution was declared duly passed and adopted.
ne Bartell, City Jerk
A -1
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AGENDA ITEM 2A
STAFF ORIGINATOR Al Rolek
DATE December 17, 2007
TOPIC Consideration of Resolution No. 07 -208 adopting the Final
2007 Tax Levy, Collectible in 2008.
Simple Majority
VOTE REQUIRED
CA
Truth in Taxation legislation requires the City of Lino Lakes to adopt and certify a final 2007
tax levy, collectible in 2008 on or before December 28th.
The total levy includes dollars for the general operating budget as well as dollars for special
levies for tax abatement and general bonded debt. The levy provides resources for
personnel cost adjustments, capital outlay and equipment replacement, street and Storm
Drainage maintenance and a contingency for unforeseen emergencies.
A Truth in Taxation public hearing was held on the tax levy on December 10. 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. Staff
recommendation is to adopt Resolution 07 -208 approving the final 2007 Tax Levy,
collectible in 2008.
OPTIONS
Approve Resolution No. 07 -208.
2. Refer to Staff for further review.
3. Deny Resolution No. 07 -208.
"RECOiMENDATION
Option 1
A -1