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The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community <br />engagement that encourages and inspires prosperity <br /> <br /> <br />Request for Action <br /> <br />To <br />City Council <br />Item Number <br />4.8 <br /> <br />Meeting Date <br />December 2, 2024 <br />Prepared By <br />Cal Portner, City Administrator <br /> <br />Item Description <br />2024 Local Option Sales Tax Agreement 24-30 <br />Reviewed by <br />Lori Stich <br />Joe Stremcha <br />Tina Allard <br /> <br />Action Requested <br />Approve, by motion, the 2024 Local Option Sales Tax Agreement 24-30 with the Minnesota Department of <br />Revenue. <br /> <br />Background/Discussion <br />The Minnesota Department of Revenue has updated the collection agreement for local option sales and use <br />taxes. The new agreement updates the administrative rates for the reimbursement of the department's costs. <br /> <br />The new agreement sets a flat rate of up to 1.0% of local sales taxes collected and allows for adjustment to <br />reflect the fluctuation of sales tax revenues. The rate for 2025 will be 0.90%. <br /> <br />Financial Impact <br />Service fees to the Minnesota Department of Revenue are taken from our distribution of sales and use taxes. <br /> <br />Mission/Policy/Goal <br />Elk River Mission <br /> <br />Attachments <br />1. 2024 MNDOR New LOST Agreement <br />2. 2024 MNDOR New LOST Agreement Letter <br /> <br /> <br />Page 141 of 211