8.1. SR 09-03-2013 - Laserfiche WebLink

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City of Elk=' Request for Action River To Item Number Mayor and City Council 8.1 Agenda Section Meeting Date Prepared by General Business September 3, 2013 Tim Simon, Finance Director Item Description Reviewed by Adopt 2014 Tax Levies and Set Budget Meeting Cal Portner, City Administrator Date Reviewed by Action Requested • Authorize by resolution the proposed property tax levy for collection in 2014. • Approve by resolution the Housing and Redevelopment Authority 2014 tax levy. • Approve by resolution the Elk River Economic Development Authority 2014 tax levy. • Set by motion the budget meeting at which public comment will be taken for 6:30 p.m., December 2, 2013. Background/Discussion The Council must approve the maximum tax levy for certification to the county auditor by September 16, 2013. The attached levy resolution calls for a levy of$9,929,235 or 2.42% decrease over last year. This means the amount of taxes collected for the city will decrease from last year. The maximum levy will be well within the levy limits established for taxes payable 2014. Our most recent preliminary 2013 tax values for taxes payable 2014 show our net tax capacity (NTC) will increase 0.66%. We anticipated no increase to a slight decrease based on earlier estimates from the county. If the numbers are not further adjusted,which they may,this would be the first year in several years that it will increase. If the NTC remains at 0.66%increase our overall tax rate would decrease from 50.37 to 48.83%. Over the next several months we will review updated numbers and adjustments to finalize the budget for adoption on December 2. The HRA and EDA rates did not change from 2013 and have been approved by both commissions. Financial Impact Various tax levies for collection in 2014. Attachments ■ Resolution authorizing the proposed property tax levy for collection in 2014 ■ Resolution approving the Housing and Redevelopment Authority 2014 tax levy ■ Resolution approving the 2014 tax levy for economic development purposes for the Economic Development Authority ■ 2014 General Fund Budget Summary ■ Tax levy breakout P a w E A E U s r NaA f RE]