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E04y1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and Council 8.5 <br /> Agenda Section Meeting Date Prepared by <br /> General Business ISeptember 18, 2017 Lori Ziemer, Finance Director <br /> Item Description Reviewed by <br /> Set Budget Meeting Date and Adopt 2018 Tax Levy Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> ■ Set,by motion, the budget meeting for December 4, 2017, at 6:30 p.m. at which public comment <br /> will be taken. <br /> ■ Adopt,by motion, a resolution authorizing the proposed property tax levy for collection in 2018. <br /> Background/Discussion <br /> The Council must approve the maximum tax levy for certification to the county auditor by September 30, <br /> 2017. <br /> Over the past several months, the Council has reviewed department goals and corresponding 2018 <br /> budgets. Based on Council direction, the attached levy resolution sets the levy at$11,200,830,which is a <br /> 6 percent change over last year. <br /> Preliminary 2017 net tax capacity (NTC) values for taxes payable 2018 received from Sherburne County <br /> increase 5.34%. If the NTC remains the same, the city tax rate would be 46.49%which is an increase <br /> from 46.19% for 2017. <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 4, 2017. <br /> The County Board of Commissioners has set 6:00 p.m.,December 12, 2017, as the county's budget and <br /> levy hearing date. <br /> Financial Impact <br /> City of Elk River property tax levy for collection in 2018. <br /> Attachments <br /> ■ Resolution setting City of Elk River property tax levy for collection in 2018 <br /> ■ Preliminary 2017 Tax Values (for Proposed 2018 Tax Notices) <br /> ■ 2018 preliminary tax levy/rate <br /> ■ 2018 General Fund preliminary budget <br /> ■ Estimated tax impact on residential and commercial/industrial properties <br /> ■ Tax levy history <br /> The Elk River Vision <br /> A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By <br /> service, and community engagement that encourages and inspires prosperity INAWRE1 <br />