HomeMy WebLinkAboutItem 07LakeviTTe
September 15, 2014
Item No.
Resolution Approving the Preliminary 2015 (Property) Tax Levy
Proposed Action
Staff recommends adoption of the following motion: Move to approve a resolution approving
the Preliminary 2015 Tax Levy
Approval of the motion will establish the Preliminary 2015 Tax Levy.
Overview
Passage of this motion will result in the approval of the 2015 preliminary tax levy of $24,959,186
as discussed at the September 15 Council work session.
The proposed 2015 City tax levy will result in an estimated $35 increase on the median value
home ($245,100).
Primary Issues to Consider
• The City Council has the ability to adopt a final tax levy in December that is equal to or
less than the preliminary tax levy approved on September 15, 2014. The City Council
may not, however, adopt a final tax levy that is greater than the preliminary tax levy.
Financial Impact: $24,959,186 Budgeted Yes Source: Various
Related Documents:
Notes:
CITY OF LAKEVILLE
RESOLUTION No.
RESOLUTION APPROVING THE PRELIMINARY 2015 (PROPERTY) TAX LEVY
BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota that the
Preliminary 2015 tax levy in the amount of $24,959,186 is hereby approved as shown
on Exhibit A attached hereto and Exhibit B - Tax Levy for Debt - attached hereto.
APPROVED AND ADOPTED this 15t day of September 2014 by the City
Council of the City of Lakeville, Minnesota.
CITY OF LAKEVILLE, MINNESOTA
LIN
ATTEST:
Matt Little, Mayor
Charlene Friedges, City Clerk
EXHIBIT A
PRELIMINARY 2015 (PROPERTY) TAX LEVY
Total
Non -debt service funds $ 19,661,864
Debt Service
Capital Improvement Bonds 2004A
911,081
Ice Arena Lease Revenue Bonds 2006
314,505
Capital Improvement Bonds 2007D
678,478
G. O. Improvement Bonds 2009
278,415
G. O. Improvement Bonds 2011
137,406
G. O. Improvement Bonds 2012
485,731
G. O. Improvement Bonds 2013
329,354
G. O. Improvement Bonds 2014
480,165
Street Reconstruction Bonds 2003A
941,597
Street Reconstruction Bonds 2005A
188,316
Street Reconstruction Bonds 2007H
208,967
Street Reconstruction Bonds 2009A
343,307
Total
$ 24,959,186
EXHIBIT B
PROPERTY TAX LEVY FOR DEBT
The following is a schedule of all debt which, at the time of issuance, included a
certification of future property tax levy. The following schedule - column B - provides
list of debt listing actual tax levies for taxes payable 2015. The difference betweet
certification and actual is due to changes in funding sources such as interest or
investments, liquor fund contributions, special assessments, General Fund (operating
levies) and other contributing factors.
Capital Improvement Bonds 2004A
Ice Arena Lease Revenue Bonds 2006
Capital Improvement Bonds 2007D
Improvement Bonds 2007B
Improvement Bonds 2008A
Improvement Refunding Bonds 2009B
Improvement Bonds 2011A
Improvement Bonds 2012A
Improvement Bonds 2013A
Improvement Bonds 2014A
Street Reconstruction Bonds 2003A
Street Reconstruction Bonds 2005A
Street Reconstruction Bonds 2007H
Street Reconstruction Bonds 2009A
Refunding Bonds 2011B
Refunding Bonds 2012B
Refunding Bonds 2014B
Debt Service Total **
$ 360,000 $
911,081
621,500
314,505
-
678,478
95,293
-
(328)
-
457,971
278,415
152,673
137,406
527,969
485,731
329,354
329,354
986,081
480,165
1,118,651
941,597
-
188,316
226,217
208,967
430,949
343,307
81,659
-
2,013,270
536,366
-
$ 7,937,625 $
5,297,322