BY COUNCILORS STEWART AND REINERT:
RESOLVED, that pursuant to Minnesota Statutes, Sec. 275.065, the city council adopts the following proposed property tax levy.
Section 1. The sum to be raised by taxation for the year 2005 for general operations is hereby determined to be the sum of $10,730,400 which sum is levied against the taxable property of the city of Duluth and appropriated to the various accounts of the city, as set forth in the following sections, viz:
Section 2. There will be levied for the support of the general fund the sum of $6,334,000.
Section 3. For the pay of debt, there will be levied for the general obligation debt fund the sum of $3,841,400.
Section 4. That pursuant to laws of Minnesota 1971, Chapter 824, to pay for the portion of the cost of local improvements which will not sustain a special assessment, there will be levied for the permanent improvement fund the sum of $555,000.
STATEMENT OF PURPOSE: This resolution sets the maximum property tax levy for the year 2005. The proposed levy of $10,730,400 is 5.7 percent higher than the 2004 levy and reflects an overall net increase of $576,900. The breakdown of the net change is an additional $175,100 for general operations of the city; and $272,300 for support of the neighborhood street improvement program; offset by a decrease of $135,500 for debt service on general obligation bonds; and $265,000 more for the permanent improvement fund.
This resolution sets the property tax levy at a level that is 14.3% or $1,453,800 less than the mayor’s proposed levy.