HomeMy WebLinkAbout2015-141 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 15-141
RESOLUTION ADOPTING THE FINAL 2015 TAX LEVY, COLLECTIBLE IN 2016
WHEREAS, the City of Lino Lakes has budgeted to pay expenditures for General Fund
operating costs anticipated in the year 2016, 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 2015 tax levy, collectible in 2016, 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 14, 2015.
NOW, THEREFORE BE IT RESOLVED that The City Council of The City of Lino Lakes,
approves its final 2015 tax levy, collectible in 2016, upon taxable property within the City of
Lino Lakes as follows:
1. Total amount levied in the year 2015 to be spread for taxes due and payable in the year
2016 is $9,058,428.
2. The total amount levied above is for the following purposes:
General Operating Levy $7,018,572
Bonded Indebtedness
G.O. Tax Abatement Bond 2006C 278,140
G.O. CIP Refunding Bond 2006E 460,110
G.O. Bond 2012A 178,749
G.O. Bond 2015A 271,963
Equipment Certificates 2013 68,933
Equipment Certificates 2014 178,868
Equipment Certificates 2015A 72,240
Equipment Certificates 2015B 214,921
EDA Lease/Revenue Bond 2015 315,932
Total Bonded Indebtedness: 2,039,856
TOTAL LEVIES $9,058,428
Adopted by the Council of the City of Lino Lakes this 14th day of December, 2015.
The motion for the adoption of the foregoing resolution was introduced by Council Member
Kusterman and was duly seconded by Council Member Roeser and upon
vote being taken thereon, the following voted in favor thereof:
Kusterman, Roeser, Rafferty, Stoesz, Reinert
The following voted against same:
none
ATTEST:
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1.: nne Bartell, Ci Cle
CITY COUNCIL
AGENDA ITEM 2A(i)
STAFF ORIGINATOR: Sarah Cotton
MEETING DATE: December 14, 2015
TOPIC: Consider Resolution No. 15-141, Adopting the Final 2015 Tax
Levy, Collectible in 2016
VOTE REQUIRED: 3/5
BACKGROUND
Minnesota State Statutes require the City of Lino Lakes to adopt and certify a final 2015 tax levy,
collectible in 2016 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 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 $178,749 to service debt
for the Birch/Ware and Lake/Main intersection signalization projects and $214,922 to service debt
for the Shenandoah Street Reconstruction project. The total proposed tax levy for 2015/16 is
$9,058,428, which is equal to the preliminary levy adopted in September. The proposed levy
represents an increase of $372,356 from the 2014/15 tax levy. The tax rate is estimated to increase
for 2016 from 43.770% to 45.900%.
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 fmal action on the tax levy at this time.
RECOMMENDATION
Staff recommends the approval of Resolution No. 15-141.
ATTACHMENTS
Resolution No. 15-141, Adopting the Final 2015 Tax Levy, Collectible in 2016