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�r CITY OF <br />EST. 1'JOh <br /><S IL1 <br />14669 Fitzgerald Avenue North, Hugo, MN55038 • (651) 762-6300 • www.ci.hugo.mn.us <br />TO: Honorable Mayor and Members of the City Council <br />FROM: Ronald J. Otkin, Finance Director <br />DATE: For the Council Meeting of September 19, 2016 <br />RE: Preliminary Tax Levy Payable in 2017 <br />REQUESTED COUNCIL ACTION <br />Motion to adopt Resolution Approving Preliminary Tax Levy Payable in 2017. <br />At the mid -year budget workshop it was the consensus of the City Council that the 2017 preliminary tax <br />levy provide for no change in the urban tax rate. The total proposed 2017 property tax levy of $5,928,521 <br />keeps the urban tax rate at 36.323% of tax capacity while the rural tax rate will decline by 0.03%. <br />The proposed tax levy is broken down into 8 major categories as follows: <br />Pay 2017 <br />Proposed <br />Required Levies <br />Debt Service Levy $ 302,710 <br />Tax Abatement Levy $ 304,083 <br />$ 606,793 <br />Discretionary Levies <br />General Fund Levy <br />$ <br />4,608,497 <br />Firefighter's Relief Levy <br />$ <br />13,742 <br />Equipment Purchasing Levy <br />$ <br />0 <br />Park Improvement Levy <br />$ <br />94,923 <br />Sealcoating Levy <br />$ <br />64,909 <br />Capital Improvement Levy <br />$ <br />539,657 <br />$ <br />5,321,728 <br />Certified Property Tax Levy <br />$ <br />5,928,521 <br />Debt Service Tax Levies <br />This levy is required under the terms of various bondholder agreements. These taxes are used to make <br />principal and interest payments on general obligation bonds issued by the city. The total levy for debt <br />service in 2017 is $302,710. <br />