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<br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and City Council 8.1 <br />Agenda Section Meeting Date Prepared by <br />General Business September 20, 2021 Lori Ziemer, Finance Director <br />Item Description Reviewed by <br />Set Budget Meeting Date and Adopt 2022 Cal Portner, City Administrator <br />Preliminary Tax Levy <br />Reviewed by <br /> <br /> <br />Action Requested <br /> Set, by motion, the budget meeting for 6:30 p.m., December 6, 2021, when public comment will be taken. <br /> Adopt, by motion, a resolution authorizing the preliminary property tax levy for collection in 2022. <br /> <br />Environment/Discussion <br />The Council must approve the preliminary tax levy for certification to the county auditor by September 30, 2021. <br />The attached levy resolution sets the tax levy at $14,134,100 and the General Fund budget is $18,987,050, compared <br />to $13,103,820 and $17,532,500, respectively, for 2021. Based on NTC estimates, the preliminary city tax rate for <br />2022 is projected to be 44.611%, compared to the city tax rate of 44.556% for 2021. <br /> <br />The median home value in Elk River for 2022 is $263,000, which is a 1.7% increase from 2021. The city’s portion of <br />property taxes would increase $23 on the median value home. For a $200,000 home with no increase in valuation the <br />increase would be $1 for city property taxes. <br /> <br />The preliminary tax levy is the maximum levy amount, and the final adopted levy can be lower but cannot exceed the <br />preliminary levy. Staff will continue to review and evaluate opportunities for reductions based on additional <br />information received over the next several months to finalize the budget for adoption on December 6, 2021. <br /> <br />The County Board of Commissioners has set 6:00 p.m., December 2, 2021, as their budget and levy hearing date. <br /> <br />Financial Impact <br />City of Elk River property tax levy for collection in 2022. <br /> <br />Mission/Policy/Goal <br />The city’s mission is to grow responsibly and be good stewards for every dollar to develop a sustainable and <br />prosperous community. <br /> <br />Attachments <br /> Resolution Authorizing 2022 Preliminary Tax Levy <br /> 2022 preliminary tax levy/rate <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 />