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Winter 2020 City Hall - 3800 Laverne Avenue North - Lake Elmo, Minnesota 55042 (651) 747-3900City Hall - 3800 Laverne Avenue North - Lake Elmo, Minnesota 55042 (651) 747-3900City Hall - 3880 Laverne Avenue North - Lake Elmo, MN 55042 (651) 747-3900 2021 Budget Update On September 30, 2020, the City Council adopted a 2021 Preliminary Property Tax Levy of $5,263,268 which is an increase of $313,445 or 6.3% over 2020. The City’s Preliminary Tax Rate was set at 23.3959% which is the same tax rate as 2020. 2021 Preliminary General Fund Budget The operating budget for expenditures for 2021 has an overall increase of $287,562. A large portion of the increase comes from three factors; An increase in the cost of the Sheriff's Department coverage contract comes from the addition of a Sheriff's deputy assigned to Lake Elmo, who started on October 1. The Fire Department is seeing an increase to allow for the creation of an additional full time position. The Building Department budget is increased to provide contracted inspection services as well as an operational audit of the department. Additionally there are transfers to the Economic Development Authority to provide City office space as well as transfers to the vehicle replacement fund. These funds help reduce the need to bond for equipment in the future. The operating budget has decreased revenues of $80,394 over the 2020 budget. This is due to anticipated decrease in licenses ad permits, charges for services, and investments given the current economic state. 2021 Preliminary City Property Tax Rate The tax rate is calculated using the City’s Taxable Value on property divided by the levy. The levy is made up of the General Fund property tax levy needed to balance the budget and the City’s required debt levies on its outstanding bonds. This table below shows the impact on this to various home values in the City.