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E04y1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 8.1 <br /> Agenda Section Meeting Date Prepared by <br /> General Business September 19, 2016 Lori Ziemer, Finance Director <br /> Item Description Reviewed by <br /> Set Budget Meeting Date and Adopt 2017 Tax Levy Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> 1. Set,by motion, the budget meeting for December 5, 2016, at 6:30 p.m. at which public comment will <br /> be taken. <br /> 2. Adopt,by motion, a resolution authorizing the proposed property tax levy for collection in 2017. <br /> Background/Discussion <br /> The Council must approve the maximum tax levy for certification to the county auditor by September 30, <br /> 2016. <br /> Over the past several months, the Council has reviewed department/division goals and corresponding <br /> 2017 budgets. Based on Council direction, the attached levy resolution sets the levy at$10,657,808, <br /> which is a 4.8 percent change over last year. <br /> Preliminary 2016 net tax capacity (NTC) values for taxes payable 2017 received from Sherburne County <br /> increase 4.16%. If the NTC remains the same, the city tax rate would be 46.44 percent which is an <br /> increase from 46.17 percent for 2016 <br /> Over the next few months staff will continue to review and evaluate cost estimates and revenue data for <br /> further adjustments to finalize the budget for adoption on December 5, 2016. <br /> The County Board of Commissioners has set December 1, 2016 at 6:00 p.m. as the county budget and <br /> levy hearing date. <br /> Financial Impact <br /> City of Elk River 2017property tax levy for collection. <br /> Attachments <br /> ■ Resolution setting City of Elk River property tax levy for collection in 2017 <br /> ■ Preliminary 2016 Tax Values (for Proposed 2017 Tax Notices) <br /> ■ 2017 tax rate estimate calculation <br /> POWERED 6T <br /> Template Updoted 4/14 INAWRE1 <br />