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2013 Recommended Property Tax Levy <br />34 <br />Based on the recommended Budget noted above, the 2013 Recommended Tax Levy is $17,134,826, an <br />35 <br />increase of $2,172,532 or 14.5%. The increase is as follows: <br />36 <br />37 <br /> Debt Service on Park Renewal Program $ 980,000 <br />38 <br /> Debt Service on new Fire Station 670,000 <br />39 <br /> New Obligations or Planned Initiatives 146,611 <br />40 <br /> Inflationary Impacts 375,921 <br />41 <br /> $ 2,172,532 <br />42 <br />43 <br />Taxpayer Impact <br />44 <br />For a median-valued home of $206,300 that experienced a projected 8.7% decline in assessed market value, <br />45 <br />the 2013 city taxes will be $738, an annual increase of $53 or $4.43 per month. In exchange, residents will <br />46 <br />receive round-the-clock police and fire protection, well-maintained streets and parks, and a significant <br />47 <br />investment in the City’s Fire Service and Parks & Recreation system. <br />48 <br />49 <br />In the event the Council chooses to lower the recommended tax levy, it will result in a savings of $0.40 <br />50 <br />cents per month for a typical homeowner for each $100,000 levy reduction. <br />51 <br />PO <br />OLICYBJECTIVE <br />52 <br />Adopting a preliminary budget and tax levy is required under Mn State Statutes. <br />53 <br />FI <br />INANCIALMPACTS <br />54 <br />The financial impacts are noted above. <br />55 <br />SR <br />TAFF ECOMMENDATION <br />56 <br />Staff Recommends the Council adopt the 2013 Tax Levy and Budget Levy as outlined in this report and in <br />57 <br />the attached resolutions. <br />58 <br />RCA <br />EQUESTEDOUNCILCTION <br />59 <br />The Council is asked to take the following separate actions: <br />60 <br />61 <br />a)Motion to approve the attached Resolution to adopt the 2013 Preliminary Tax Levy <br />62 <br />b)Motion to approve the attached Resolution to adopt the 2013 Preliminary Debt Levy <br />63 <br />c)Motion to approve the attached Resolution to adopt the 2013 Preliminary Budget <br />64 <br />65 <br />Prepared by: Chris Miller, Finance Director <br />Attachments: A: Resolution to adopt the 2013 Preliminary Tax Levy <br />B:Resolution to adopt the 2013 Preliminary Debt Levy <br />C:Resolution to adopt the 2013 Preliminary Budget <br />D:Staff Report from the August 27, 2012 Budget Hearing <br />E:Staff Presentation from the August 27, 2012 Budget Hearing <br />F:Memo on Tax Levy Changes from 2002-2012 <br />G:Memo on Cash Reserves <br />H:MarketValueReportFromRamseyCounty <br />66 <br />Page 2 of 7 <br /> <br />