HomeMy WebLinkAboutItem 09.aSeptember 7, 2010 Item No.
Proposed Action
Staff recommends adoption of the following motion: Move to approve a resolution adopting the
2011 Preliminary Tax Levy.
Approval of the motion will establish the 2011 Preliminary Tax Levy
Overview
Minnesota Statutes require cities to certify the proposed property tax levy to the County
Treasurer /Auditor and adopt a proposed budget on or before September 15
Passage of this motion will result in the adoption of the 2011 preliminary tax levy of $24,041,652 as
discussed at the August Council work session. A discussion of the proposed 2011 tax levy is
provided in the Preliminary 2011 Budget and the Estimated 2012 Budget document.
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 7, 2010. The City Council
may not, however, adopt a final tax levy that is greater than the preliminary tax levy.
Supporting Information
• Proposed 2011 and Estimated 2012 Budget document.
• 2011 preliminary tax levy resolution is attached.
De Finan `sirecto
Resolution Adopting the 2011 Preliminary Tax Levy
Financial Impact: $24,041,652 Budgeted: Yes Source: Various
Related Documents: Proposed 2011 and Estimated 2012 Budget document.
Notes:
BE IT FURTHER RESOLVED by the City Council of the City of Lakeville, does
hereby adopt Schedule A Debt Service Schedule attached hereto.
ATTEST:
RESOLUTION APPROVING THE PRELIMINARY 2011. TAX LEVY
BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota that the
following preliminary 2011 tax levy is hereby approved and adopted.
Total
General Fund 16,980,571
Public Works Reserve - Pavement Mgmt. 1,546,958
Equipment Fund 554,377
Debt Service
Certificates of Indebtedness 325,863
Park Bonds 2003E 424,744
Capital Improvement Bonds 2004A 857,757
Ice Arena Lease Revenue Bonds 2006 275,070
Capital Improvement Bonds 2007D 908,488
Improvement Bonds 2009 377,376
Street Reconstruction Bonds 2003A 1,024,730
Street Reconstruction Bonds 2005A 181,428
Street Reconstruction Bonds 2007H 229,707
Street Reconstruction Bonds 2009A 354,583
Total 24,041,652
APPROVED AND ADOPTED this 7 day of September 2010 by the City Council of
the City of Lakeville, Minnesota.
Charlene Friedges, City Clerk
CITY OF LAKEVILLE
RESOLUTION No.
CITY OF LAKEVILLE, MINNESOTA
By:
Holly Dahl, Mayor
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 a list of debt listing actual tax levies for taxes payable 2011. The
difference between certification and actual is due to changes in funding sources
such as interest on investments, liquor fund contributions, special
assessments,General Fund (operating levies) and other contributing factors.
Bond
e.
certified
(B)
Certificates of Indebtedness 2007E
Park Bonds 2003B
Capital Improvement Bonds 2004A
Ice Arena Lease Revenue Bonds 2006
Capital Improvement Bonds 2007D
Improvement Bonds 2000 A
Improvement Bonds 2007B
Improvement Bonds 2007F
Improvement Bonds 2008A
Improvement Refunding Bonds 2009B
Street Reconstruction Bonds 2003A
Street Reconstruction Bonds 2005A
Street Reconstruction Bonds 2007H
Street Reconstruction Bonds 2009A
Public Safety Revenue Bonds 2007
Schedule A — Debt Service
492,581
444,340
215,000
1,153, 806
367,358
397,714
1,352
612,353
888,471
1,119,491
240,416
228,396
435,262
149,310
325,863
424,744
857,757
275,070
908,488
377,376
1,024,730
181,428
229,707
354,583
Debt Service Total ** 6,745,850 $ 4,959,746