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<br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and City Council 8.2 <br />Agenda Section Meeting Date Prepared by <br />General Business September 21, 2020 Lori Ziemer, Finance Director <br />Item Description Reviewed by <br />Set Budget Meeting Date and Adopt 2021 Cal Portner, City Administrator <br />Preliminary Tax Levy <br />Reviewed by <br /> <br /> <br />Action Requested <br /> Set, by motion, a budget meeting for 6:30 p.m., December 7, 2020, to receive for public comment. <br /> Adopt, by motion, a resolution authorizing the preliminary property tax levy for collection in 2021. <br /> <br />Environment/Discussion <br />The Council must approve the maximum tax levy for certification to the county auditor by September 30, 2020. The <br />attached levy resolution sets the tax levy at $13,510,920, which is an increase of 5%. <br /> <br />The county estimates NTC values to increase 7% for a preliminary city tax rate of about 45.378%, compared to <br />46.241% in 2020. <br /> <br />Over the next few months staff will continue to review and evaluate cost estimates and revenue data for further <br />adjustments to finalize the budget for adoption on December 7, 2020. <br /> <br />The County Board of Commissioners set their budget and levy hearing for 6:00 p.m., December 3, 2020. <br />Financial Impact <br />City of Elk River property tax levy for collection in 2021. <br /> <br />Mission/Policy/Goal <br />The city’s mission is to grow responsibly and be good stewards for every dollar. The Council approved a goal to <br />build sustainable reserves for future capital costs while keeping the 2021 tax rate flat. <br /> <br />Attachments <br /> Resolution Authorizing 2021 Preliminary Tax Levy <br /> <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br /> <br />service, and community engagement that encourages and inspires prosperity. <br /> Updated: August 2020 <br />