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AGENDA ITEM #5.2 <br /> city of <br /> Pequot <br /> Lakes = - <br /> REPORT TO CITY COUNCIL <br /> Report Prepared by: Angie Duus <br /> Date: September 3, 2019 <br /> Subject: 2020 Preliminary Levy <br /> Report: Attached are the 2020 preliminary budgets and levies. The <br /> preliminary levies are as follows. <br /> • General Revenue Tax Levy - $1,794,770 ($116,505 increase, 6.94%) <br /> • Tax Abatement Levy - $18,693 ($2,227 decrease, -10.65%) <br /> • HRA Special Levy - $38,250 (no change, 0%) <br /> The following information is included in the 2020 preliminary budgets and levies <br /> per the Council discussion from the August 20th Special City Council Meeting. <br /> • Cost of health insurance premiums — decreased the premium increase from <br /> 20% to 13.02%. <br /> • Removed the SCORE (recycling) funding revenue and expenditures. <br /> • Decreased the electricity budgets for Street Lighting and Signal & Signs. <br /> The deadline for setting the preliminary levy is September 30t''. The amount set for <br /> the preliminary levy cannot be increased after it has been set. <br /> Also, please remember that we will not receive projected tax rate information from <br /> Crow Wing County until sometime in October or November. The 2020 estimated <br /> tax rate percentage included on the attached Preliminary Budget Summary is based <br /> on our analysis only. <br /> Council Action Requested: Council motion adopting the attached resolution <br /> setting the 2020 preliminary tax levies. <br />