HomeMy WebLinkAbout25-163 Resolution Adopting the 2026 Property Tax Levy CITY OF LAKEVILLE
RESOLUTION NO. 25-163
RESOLUTION ADOPTING THE 2026 PROPERTY TAX LEVY
BE IT RESOLVED by the City Council of the City of Lakeville as follows:
Section L There is hereby levied upon all taxable property in the City of Lakeville a direct ad
valorem tax collectible in 2026 for the following purposes and in the following amounts:
PURPOSE TOTAL
Debt
Street Lr�rovements $ 8,207,069
Park Referendum Bonds 2,854,325
Tax Abatement - Arena Improvements 505,383
Police Station 579,013
Total Debt Levy 12,145,790
General Fund 34,190,685
Pavement Management Fund 2,150,000
Building Fund 1,000,000
Technology Fund 250,000
Park & Trail Improvement Fund 1,550,000
Equipment Fund 400,000
Communications Fund 300,000
Total tax levy $51,986,475
Section IL It is hereby determined that the City is making an irrevocable appropriation of funds,
and sufficient monies are now on hand due to changes in funding sources such as interest on
investments, special assessments and contributions from Liquor Fund, ISD#194 and other entities
for the payment of principal and interest to come due during the 2026/2027 year for certain bond
issues of the City of Lakeville. ,
Section III. The Treasurer-Auditor of Dakota County is hereby authorized and directed, pursuant
to the provisions of Section 475.61, Minnesota Statutes Annotated, to cancel the levies for said
indebtedness heretofore made to be levied for collection in 2026 as shown in Schedule A.
ADOPTED by the Lakeville City Council this lst day of December 2025.
CITY OF LAKEVIL E•
uke M. Hellier, Mayor
Ann Or ofsky, City erk
SCHEDULE A
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 and
contributions from Liquor Fund,ISD#194 and other entities.
2026 NET 2026
ABATEMENT ABATEMENT 2026 CERTIFIED
BOND DESCRIPTION SERIES LEVY LE�'1' DEBT LEVY DEBT LEVY
IMPROVEMENT 2014A 5 164,141 -
REFLTNDING 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 b 347,130 327,130
IMPROVEMENT 2019A $ 458,823 458,823
GENERAL OBLIGATION 2020A $ 979,519 809,469
ABATEMENT 2020A � 65,000 � - $ - _
GENERAL OBLIGATION 2021A S 132,568 (U)
TAX ABATEMENT 2021A $ 355,000 $ 229,SR? $ - -
TAX ABATEMENT 2021 B $ - $ - $ _ _
GENERAL OBLIGATION 2021 C �, 708,960 454,286
REFiINDING 2022A $ 1,]78,527 1,028,627
REFiJNDING 2022B $ 431,253 339,651
TAX ABATEMENT 2022B $ 460,000 $ 275,bO1 $ - -
GENERAL OBLIGATION 2022C �, 2,281,843 $ 1,738,891
GENERAL OBLIGATION 2023 A 5 995,190 $ 995,190
GENERAL OBLIGATION 2024A S 1,939,097 $ 1,889,097
GENERAL OBLIGATION 2025A S 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