The Lake City Council was required to approve a second resolution setting the maximum property tax rate for Fiscal Year (FY) 2021 at their meeting earlier this week due to a minor omission in their previous attempt. This year was the first cities are required to pass a resolution publicly establishing the highest rate for specific levies. Adminstrator, Eric Wood, says the issue is the result of an oversight and they are not changing anything that was previously published.
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The city council reintroduced the maximum property tax levy resolution at Monday’s meeting with that missing value included and voted unanimously for approval. City budgets were due to the Iowa Department of Management by March 31. Wood says he has been in contact with them, and the delay should not cause any issues.
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Again, Wood stresses no other changes were made to the FY21 budget. Projected revenues and expenditures remain at approximately $2.5 million with a total property tax levy of $19.78 per $1,000 of taxable valuation.