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Lanark council adopts $301,000 levy estimate to avoid Truth-in-Taxation notice
Summary
City attorney reviewed the 105% levy threshold; council approved an estimated combined City and Library levy of $301,000 for FY2026–27 to remain below the Truth-in-Taxation publication trigger.
Lanark's city attorney, Ed Mitchell, reviewed the mechanics of the Truth-in-Taxation 105% threshold during the June 16 meeting and presented calculations for the upcoming fiscal year. Based on those figures, the combined maximum levy for the City and Library without triggering a required Truth-in-Taxation notice was calculated; the council moved to set the estimate at $301,000 to remain under the 105% limit.
A motion to approve the resolution estimating funds needed for Fiscal Year 2026–2027 at $301,000 was made by Alderperson Brad Knutti and seconded by Alderperson Mark Macomber; the motion carried by five aye votes. The resolution preserves the city's current levy posture while allowing final budget adjustments before adoption.
