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AGENDA RECOMMENDATION |
8.A.
City Council Regular Meeting
- Meeting Date:
- 09/14/2026
Agenda Item:
Resolution adopting the Preliminary Property Tax Levy payable in 2027.
Recommendation/Action(s):
Adoption of the attached resolution.
Summary:
- The City Council has discussed the 2027-2028 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 $1,330,000.
- The proposed tax rate for 2027 is 41.54%. That compares to 40.69% for 2026.
- The estimated net tax capacity for 2026 (paid in 2027) is $66,681,666.
- The growth in estimated tax capacity is $1,884,359.
- The rate of growth in estimated tax capacity is 2.91%.
- The proposed levy increase is 5.0%.
- The General fund Levy has been presented at $23,483,000.
- The Debt Service fund Levy has been presented at $3,437,000.
- 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 $27,700,000.
- The Preliminary Levy for FY 2027 must be certified by September 30, 2026, to both Blue Earth and Nicollet counties.
- The Preliminary Levy may be decreased at a future date; however, it may not be increased.