BY COUNCILOR STEWART:
RESOLVED, that pursuant to Minnesota Statutes, Section 275.065, the city council adopts the following proposed tax levy:
Section 1. The sum to be raised by taxation for the year 2007 for
general operations is hereby determined to be the sum of
Section 2. There will be levied for the support of the general fund the
Section 3. For the payment of debt, there will be levied for the general obligation debt fund the sum of $4,500,000.
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 $522,100.
STATEMENT OF PURPOSE: This resolution sets the maximum property tax levy for the year 2007. The proposed levy of $11,824,400 is 6.5 percent higher than the 2006 levy and reflects an overall net increase of $722,300. The breakdown of the net change is an additional $222,300 for support of the neighborhood street improvement program; $810,100 for debt service on general obligation bonds including Duluth transit bonds; $27,100 for the permanent improvement fund; and a decrease of $337,200 for general operations of the city. This resolution does not address any levy consideration for the city’s other post-employment benefits (OPEB) - retiree insurance. A separate property tax levy resolution is on the agenda addressing that issue.
The city council must approve and certify a proposed tax levy to St. Louis County no later than September 15. The council must adopt the final levy in December of the same or a lesser amount.