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AGENDA RECOMMENDATION |
7.A.
City Council Regular Meeting
- Meeting Date:
- 09/22/2025
Agenda Item:
Resolution adopting the Preliminary Property Tax Levy payable in 2026.
Recommendation/Action(s):
Adoption of the attached resolution.
Summary:
- The City Council has discussed the 2026 Budget Document.
- The City Council has been presented information regarding the General fund, Debt Service fund, Transit fund, & Economic Development fund tax levies.
- The proposed total levy increase is $1,302,704.
- The proposed tax rate for 2026 is 40.96%. That compares to 39.61% for 2025.
- The estimated net tax capacity for 2025 (paid in 2026) is $64,379,898.
- The growth in estimated tax capacity is $939,685.
- The rate of growth in estimated tax capacity is 1.5%.
- The proposed levy increase is 5.20%.
- The General fund Levy has been presented at $21,990,000.
- The Debt Service fund Levy has been presented at $3,600,000.
- The Transit fund Levy has been presented at $415,000.
- The EDA fund Levy has been presented at $365,000.
- The total levy has been presented at $26,370,000.
- The Preliminary Levy for FY 2026 must be certified by September 30, 2025, to both Blue Earth and Nicollet counties.
- The Preliminary Levy may be decreased at a future date; however, it may not be increased.