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34 2013 Recommended Property Tax Lew <br />35 Based on the recommended Budget noted above, the 2013 Recommended Tax Levy is $17,134,826, an <br />36 increase of $2,172,532 or 14.5 %. The increase is as follows: <br />37 <br />36 Debt Service on Park Renewal Program $ 980,000 <br />39 Debt Service on new Fire Station 670,000 <br />40 New Obligations or Planned Initiatives 146,611 <br />41 Inflationary Impacts 375.921 <br />42 $ 2,172,532 <br />43 <br />44 Taxpayer Intoact <br />45 For a median- valued home of $206,300 that experienced a projected 8.7% decline in assessed market value, <br />46 the 2013 city taxes will be $738, an annual increase of $53 or $4.43 per month. In exchange, residents will <br />47 receive round -the -clock police and fire protection, well - maintained streets and parks, and a significant <br />46 investment in the City's Fire Service and Parks & Recreation system. <br />49 <br />50 In the event the Council chooses to lower the recommended tax levy, it will result in a savings of $0.40 <br />51 cents per month for a typical homeowner for each $100,000 levy reduction. <br />52 POLICY OBJECTIVE <br />53 Adopting a preliminary budget and tax levy is required under Mn State Statutes. <br />54 FINANCIAL IMPACTS <br />55 The financial impacts are noted above. <br />56 STAFF RECOMMENDATION <br />57 Staff Recommends the Council adopt the 2013 Tax Levy and Budget Levy as outlined in this report and in <br />58 the attached resolutions. <br />59 REQUESTED COUNCIL ACTION <br />so The Council is asked to take the following separate actions: <br />61 <br />62 a) Motion to approve the attached Resolution to adopt the 2013 Preliminary Tax Levy <br />63 b) Motion to approve the attached Resolution to adopt the 2013 Preliminary Debt Levy <br />64 c) Motion to approve the attached Resolution to adopt the 2013 Preliminary Budget <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: Market Value Report From Ramsey County <br />66 <br />Page 2 of 7 <br />