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Home My WebLink About25-117 Resolution Approving the Preliminary 2026 Property Tax Levy and Preliminary 2026 Budget and Setting the Budget Public Hearing CITY OF LAKEVILLE RESOLUTION NO. 25-117 Resolution Approving the Preliminary 2026 Property Tax Levy and Preliminary 2026 Budget and Setting the Budget Public Hearing BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota that the Preliminary 2026 tax levy in the amount of$52,286,475 is hereby approved as shown on Exhibits A and B attached hereto. BE IT FURTHER RESOLVED by the City Council of the City of Lakeville, Minnesota that the reductions in the original debt service levies are the result of excess funds in the debt service account due to changes in funding sources such as interest on investments, special assessments and contributions from Liquor Fund, ISD#194 and other entities. BE IT FURTHER RESOLVED by the City Council of the City of Lakeville, Minnesota that the Preliminary 2026 Budget is hereby approved and adopted as follows: General Fund $46,398,100 BE IT FURTHER RESOLVED by the City Council of the City of Lakeville, Minnesota that the Public Budget Hearing will be held on Monday, December 1, 2025 at 6:00 pm in the Council Chambers. ADOPTED by the Lakeville City Council this 2"d day of September 2025. CITY OF LAKEVILLE By: � • / Lu e M. Hellier, Mayor ATTEST: Ann lofsky, City Clerk EXHIBIT A PRELIMINARY 2026 PROPERTY TAX LEVY Total Non-Debt Service Funds $ 40,140,685 Debt Service: Tax Abatement Bonds 2021A $ 229,582 Taacable Tax Abatement Bonds 2022B 275,801 Capital Improvement Ref Bonds 2014 B 579,013 G.O. Improvement Bonds 2015A 376,757 G.O. Improvement Bonds 2016B 772,635 G.O. Improvement Bonds 2017A 443,702 G.O. Improvement Bonds 2018A 666,698 G.O. Irnprovement Bonds 2019A 458,823 G.O. Improvement Bonds 2020A 809,469 G.O. St Reconstruction Bonds 2021 C 454,286 G.O. Improvement Bonds 2022C 700,438 G.O. Refund'mg Bonds 2017A 196,063 G.O. Refund'mg Bonds 2018B 327,130 G.O. Refunding Bonds 2022A 1,028,627 G.O. Taxable Bonds 2022B (new outdoor rink) 339,651 G.O. Imprv.Bonds 2022C (Park Refl 1,038,453 G.O. Imprv. Bonds 2023A- Park portion 341,040 G.O. Irnprv. Bonds 2024A- Park portion 1,135,181 G.O. Imprv. Bonds 2023A - Street portion 654,150 G.O. Imprv. Bonds 2024A- Street portion 753,916 G.O. Irr�rv. Bonds 2025A- Street portion 564,375 G.O. Imprv. Bonds 2025A- CIP (FiRST Ctr) - Subtotal Debt $ 12,145,790 Total Tax Levy $ 52,286,475 EXHIBIT A PRELIMINARY 2026 PROPERTY TAX LEVY Total Non-Debt Service �nds $ 40,140,685 Debt Service: Tax Abatement Bonds 2021A $ 229,582 Taxable Tax Abatement Bonds 2022B 275,801 Capital Irr�rovement RefBonds 2014 B 579,013 G.O. Improvement Bonds 2015A 376,757 G.O. Improvement Bonds 2016B 772,635 G.O. Irnprovement Bonds 2017A 443,702 G.O. Improvement Bonds 2018A 666,698 G.O. Improvement Bonds 2019A 458,823 G.O. Improvement Bonds 2020A 809,469 G.O. St Reconstruction Bonds 2021 C 454,286 G.O. Irnprovement Bonds 2022C 700,438 G.O. Refund'mg Bonds 2017A 196,063 G.O. Refund'mg Bonds 2018B 327,130 G.O. Refunding Bonds 2022A 1,028,627 G.O. Taxable Bonds 2022B (new outdoor rink) 339,651 G.O. Irnprv.Bonds 2022C (Park Refl 1,038,453 G.O. Imprv. Bonds 2023A- Park portion 341,040 G.O. Irnprv. Bonds 2024A- Park portion 1,13 5,181 G.O. Irnprv. Bonds 2023A- Street portion 654,150 G.O. Imprv. Bonds 2024A- Street portion 753,916 G.O. Iiriprv. Bonds 2025A- Street portion 564,375 G.O. Imprv. Bonds 2025A- CIP (FiRST Ctr) - Subtotal Debt $ 12,145,790 Total Tax Levy $ 52,286,475 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 levies.The 2026 Debt Levy column represents the levy in the original bond documents.The 2026 Certified Debt Levy column represents the actual levy. The reductions in the original debt service levies are the result of excess funds in the debt service account due to changes in funding sources such as interest on investments, special assessments,franchise fees,and contributions from Li uor Fund,ISD#194 and other entities. 2026 NET 2026 ABATEMENT ABATEMENT 2026 CERTIFIED BOND DESCRIPTION SERIES LEVY LEVY DEBT LEVY DEBT LEVY IMPROVEMENT 2014A $ 164,141 - REFUNDING 2014B $ 1,024,013 579,013 IMPROVEMENT 2015A $ 643,581 376,757 GENERAL OBLIGATION 2016B $ 811,266 772,635 GENERAL OBLIGATION 2017A $ 671,950 639,765 GENERAL OBLIGATION 2018A $ 635,547 666,698 GENERAL OBLIGATION 2018B $ 347,130 327,130 IMPROVEMENT 2019A $ 458,823 458,823 GENERAL OBLIGATION 2020A � $ 959,469 809,469 ABATEMENT 2020A $ 65,000 $ - GENERAL OBLIGATION 2020A $ 20,050 - GENERAL OBLIGATION 2021A $ 132,568 0 TAX ABATEMENT 2021A $ 355,000 $ 229,582 GENERAL OBLIGATION 2021C $ 708,960 454,286 REFUNDING 2022A $ 1,178,527 1,028,627 GENERAL OBLIGATION 2022B $ 339,651 339,651 GENERAL OBLIGATION 2022B $ 91,602 - TAX ABATEMENT 2022B $ 460,000 $ 275,801 $ - - GENERAL OBLIGATION 2022C $ 2,281,843 $ 1,738,891 GENERAL OBLIGATION 2023A g, $ 995,190 $ 995,190 GENERAL OBLIGATION 2024A ; $ 1,185,181 $ 1,13 5,181 GENERAL OBLIGATION 2024A $ 753,916 $ 753,916 GENERAL OBLIGATION 2025A , `' $ 564,375 $ 564,375 $ 880,000 $ 505,383 $ 13,967,783 $ 11,640,407 NET ABATEMENT LEVY $ 505,383 CERTIFIED DEBT LEVY $ 11,640 407 TOTAL LEVY $ 12,145,790 CITY OF LAKEVILLE,MINNESOTA GENERAI,FUND PROPOSED 2026 BUDGET Schedule of Revenues,Expendihues and Changes in Fund Balances For the Yeaz Ending December 31,2026 2025 2025 Budget 2023 2024 ORIGINAL AMENDED 2025 2026 %OF %Change ACTUAL ACTUAL BUDGET BUDGET PROJECTED REQUESTED TOTAL 25vs26 REVENUES: GENERAI,PROPERTY TAXES 26,701,305 29,513,138 33,300,000 33,300,000 33,528,377 34,785,685 73.8% 4.5% LICENSES&PERMITS 3,489,815 3,052,954 3,259,689 3,259,689 3,295,460 3,663,025 7.8% 12.4% INTERGOVERNMENTAL 3,739,685 2,172,655 3,478,938 3,478,938 3,856,830 3,936,035 8.3% 13.1% CHARGES FOR SERVICES 3,417,380 3,869,600 3,101,894 3,101,894 3,630,514 3,508,675 7.4% 13.1% COURT FINES 238,097 222,790 240,000 240,000 240,000 220,000 0.5% -83% SPECIAL ASSESSMENTS 5,189 9,321 0 0 0 0 0.0% #DN/0! INVESTMENT INCOME 730,148 868,801 SOQ000 500,000 920,000 90Q000 1.9% 80.0% MISCELLANEOUS 217,760 166,833 125,996 125,996 151,354 147,930 03% 17.4% TOTALREVENLJES 38,539,379 39,876,092 44,006,517 44,006,517 45,622,535 47,161,350 100% EXPENDITURES: GENERAL GOVERNMENT CONTINGENCY-STAFFING 0 0 0 0 0 359,489 0.8% #DN/0! MAYOR AND COUNCII. 125,368 101,359 126,321 126,321 138,802 133,185 03% 5.4% COMMITTEES&COMMISSIONS 132,695 149,616 143,422 141,922 140,390 115,962 0.2% -191% CITY ADMINISTRATION 592,83� 572,750 587,089 587,089 616,731 642,763 1.4% 9.5% CITY CLERK/ELECTIONS 197,359 414,692 225,579 225,579 227,312 429,056 0.9% 902% FINANCE 1,161,686 1,241,09� 1,235,639 1,235,639 1,184,517 1,230,668 2.7% -0.4% INFORMATION TECHNOLOGY 721,998 782,954 989,146 989,146 997,185 1,053,036 23% 6.5% HLJMAN RESOURCES 664,246 763,151 688,489 688,489 649,979 750,184 1.6% 9.0% INSURANCE 250,000 250,000 250,000 250,000 250,000 250,000 0.5% 0.0% LEGALCOLTNSEL 74,170 99,827 87,000 R8,500 88,500 92,000 0.2% 5.7% COMMUNITY DEV/PLANNING 1,176,971 1,073,089 1,089,649 1,089,649 1,063,609 1,251,483 2.7% 14.9% INSPECTIONS 1,904,395 1,852,606 1,918,122 1,918,122 1,817,868 2,010,273 4.3% 4.8% GENERAI,GOV'T FACILITIES 575,850 598,961 669,991 669,991 729,154 703,821 1.5% 5.0% CITY HALL SS3,438 584,349 669,991 669,991 729,154 703,821 STORAGE BLDG(OLD PR� 21,649 14,611 RADIO BUILDING 763 PUBLIC SAFETY POLICE 14,540,152 15,913,744 17,227,952 17,227,952 16,770,853 17,661,431 38.1% 2.5% FIRE 2,892,795 3,653,494 5,588,299 5,588,299 6,083,739 6,294,251 13.6% 12.6% PUBLIC WORKS ENGINEERING/GIS 784,375 816,263 946,722 946,722 946,033 1,074,607 23% 13.5% CONSTRUCTION SERVICES 587,439 409,088 701,328 701,328 626,893 739,472 1.6% 5.4% FORESTRY 526,497 599,013 680,154 680,154 791,400 789,468 1.7% 16.1% STREETS 4,024,184 3,789,430 4,409,718 4,409,718 4,342,432 4,585,019 9.9% 4.0% PARKS&RECREATION PARKS 3,386,965 3,726,352 3,768,652 3,768,652 3,713,185 3,877,246 8.4% 2.9% RECREATION 1,029,097 1,102,698 1,126,418 1,126,418 1,202,617 1,255,000 2.7% 11.4% ARTS CENTER 1,022,665 1,228,428 1,033,734 1,033,734 1,054,557 1,099,686 2.4% 6.4% TOTAL EXPENDITURES 36,371,744 39,138,612 43,493,424 43,493,424 43,435,756 46,398,100 100% REVS OVER/(iJNDER)EXPENDS 2,167,635 737,480 513,093 513,093 2,186,779 763,250 OTHER FINANCING SOURCES(USESI TRANSFERS IN 472,169 226,998 170,000 170,000 170,000 130,000 TRANSFERS OUT (2,353,880) (215,000) 0 (1,850,000) (1,850,000) 0 TOTAL OTHER FINANCING (1,881,711) 11,998 170,000 (1,680,000) (1,680,000) 130,000 NET CHANGE IN FiJND BALANCE 285,924 749,478 683,093 (1,166,907) 506,779 893,250 FiJND BALANCE,JAN 1 22,007,407 22,372,985 23,186,599 23,693,378 PRIOR PERIOD ADNSTMENT 79,654 64,136 0 FUND BALANCE,DEC 31 22,372,985 23,186,599 23,693,378 24,586,628 Restricted Fund Balance (2,129,568) (2,202,765) (775,000) (1,20Q000) Unresh-icted Fund Bal,Dec 31 20,243,417 20,983,834 22,918,378 23,386,628 Fund Bal ojCYExp SSJ% 53.6% 52 8% 50.4% Fund Bal ojNYExp 51.7% 48.3% 49.4% 48.9%