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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 21, 2015 Tim Simon, Finance Director <br /> Item Description Reviewed by <br /> Set Budget Meeting Date and Adopt 2016 Tax Levy Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> 1. Set,by motion, the budget meeting at which public comment will be taken for December 7, 2015, at <br /> 6:30 p.m. <br /> 2. Approve,by motion, a resolution authorizing the proposed 2016 property tax levy for collection. <br /> Background/Discussion <br /> The Council must approve the maximum tax levy for certification to the County Auditor by September <br /> 30, 2015. Over the past several months, the Council has reviewed each department/division goals for <br /> 2016 and the corresponding line item budgets. Based on Council direction, the attached levy resolution <br /> calls for a levy of$10,305,783 or a 2.88 percent change over last year. <br /> Based on preliminary 2015 tax values for taxes payable 2016 received from Sherburne County, our net tax <br /> capacity (NTC) will increase 4.17%. If the NTC remains at 4.17%increase, our city tax rate would <br /> decrease from 47.19 to 46.61 percent. <br /> Over the next several months we will review updated numbers and adjustments to finalize the budget for <br /> adoption on December 7, 2015. <br /> The County Board of Commissioners has set December 1, 2015 at 6:00 p.m. as the county budget and <br /> levy date. <br /> Financial Impact <br /> City of Elk River property tax levy for collection in 2016. <br /> Attachments <br /> ■ Resolution setting City of Elk River property tax levy for collection in 2016 <br /> ■ Preliminary 2015 Tax Values (for Proposed 2016 Tax Notices) <br /> ■ 2016 tax rate estimate calculation <br /> POWERED 6T <br /> Template Updoted 4/14 INAWRE1 <br />