8.2. SR 09-17-2018 - Laserfiche WebLink

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E04y1� ,.,�� Request for Action River To Item Number Mayor& Council 8.2 Agenda Section Meeting Date Prepared by General Business TSeptember 17, 2018 Lori Ziemer, Finance Director Item Description Reviewed by Set Budget Meeting Date and Adopt 2019 Tax Levy Cal Portner, City Administrator Reviewed by Action Requested ■ Set,by motion, the budget meeting for December 3, 2018, at 6:30 p.m. at which public comment will be taken. ■ Adopt,by motion, a resolution authorizing the proposed property tax levy for collection in 2019. Background/Discussion The Council must approve the maximum tax levy for certification to the county auditor by September 30, 2018. Based on Council direction, the attached levy resolution sets the levy at$11,938,765,which is a 7.9% change over last year. The preliminary 2018 net tax capacity (NTC) value for taxes payable 2019 received from Sherburne County is $26,257,399, an increase over 9%. If the NTC remains the same, the city tax rate would be 45.468 percent,which is a decrease from the 46.01 percent for 2018. Over the next few months staff will continue to review and evaluate cost estimates and revenue data for further adjustments to finalize the budget for adoption on December 3, 2018. The County Board of Commissioners has set December 10, 2018 at 6:00 p.m. as the county's budget and levy hearing date. Financial Impact City of Elk River property tax levy for collection in 2019. Attachments ■ Resolution setting City of Elk River property tax levy for collection in 2019 ■ Preliminary 2018 Tax Values (for Proposed 2019 Tax Notices) ■ 2019 preliminary tax levy/rate ■ 2019 General Fund preliminary budget ■ Estimated tax impact on residential and commercial/industrial properties The Elk River Vision A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By service, and community engagement that encourages and inspires prosperity INAWRE1