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Home My WebLink About2024 Preliminary Levy and Budget Presentation2024 Levy & Budget City Council Meeting September 6, 2023 2024 Budget Calendar Jan-Feb -Financial Management Plan Workshops May 3rd-FMP Presentation to Staff and Budget Kickoff June 5th-Deadline for departments to input budgets into Tyler June Department Meetings July 12th, 19th, and 26th-Budget Workshops August 16th-CIP Workshop September 6th- Adopt Preliminary Levy By September 30th- Certify Preliminary Levy November- Proposed Property Taxes Statements mailed by County December 6th- Budget Comment Meeting and Adopt Final Levy By December 30th- Certify Final Levy Actions Tonight •Adopt Preliminary Levy •Set Maximum levy •Can be lowered but not increased when the Final Levy is adopted on December 6th 2024 Budget Accomplishments •Continues to provide the same quality level of city services including but not limited to police, fire, street, snowplowing, parks, and recreation services. •Demonstrates stewardship of capital assets by including the replacement of capital equipment and city infrastructure that have been identified in the Financial Management Plan and Capital Improvement Plan. •Maintains the distinction to be an employer of choice by maintaining the commitments outlined in the various bargaining contracts. •Provides managed growth in staffing positions needed for a growing community, by including new positions in the 2024 budget. •Meets the debt service requirements for all existing debt by funding these requirements with the property tax levy. •Increases funds for economic development and redevelopment with an increase to the EDA levy. City Property Tax Levy 12.7 13.4 14.1 14.8 15.2 15.7 16.9 17.6 18.3 20.6 23.1 11.99% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 City Property Tax Levy 26.7 29.8 30.8 32.1 34.6 37.7 40.6 44.2 46.8 58.1 69.3 19.3% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total Tax Capacity (in Millions) 2024-5% of increase is due to new construction 43.81 41.591 43.139 43.012 40.583 38.958 39.182 37.351 37.251 33.914 32.745 0 5 10 15 20 25 30 35 40 45 50 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CITY TAX RATE Levy Details Adopted 2023 Proposed 2024 General Fund $17,485,270 $18,567,010 PSCH loan/Muni Bldg 250,000 300,000 EDA 125,000 275,000 Equipment Levy -319,100 Debt - Pavement Management 1,009,440 1,637,190 Ice Arena 220,000 220,000 Ice Arena Refrigeration 350,000 350,000 Fire Station 610,000 610,000 HERO Center 250,000 250,000 Glacial Valley Park Bldg.-165,000 Ravine Pkwy/EPD 350,000 432,300 $20,649,710 $23,125,600 2024 General Fund $25,152,640 74% 9% 6% 6%3% 1% 1%0% Revenues Prop Tax Lic & Permits Intergvmt Charges Transfers Fines Interest Misc 69% 6% 23% 1%1% Expenditures Personnel Supplies Contract Svc Capital Contingency General Fund Revenue •Revenue increase 8.96% •Property Tax increase only 5.82% •One-time Public Safety Aid $1,733,080 •2024 -$716,350 (2 Police Officers, 3 FF/Paramedics, PT FF, IT) •2025 -$801,700 (Items above plus SCBA’s or Deputy Fire Chief) •2026 –Remaining funds •Local Government Aid $54,060 •Licenses and permits down 4.48% •Offset by keeping one building inspector position vacant General Fund Expenditures •Expenditure increase 8.96% •Contracts are settled through 2024 at 3% •New Positions •2 Police Officers (one funded by One-Time Public Safety Aid •3 Firefighter/Paramedics (two funded by One-time Public Safety Aid •Management Analyst (60% funded by Utility Funds) •IT Technician (Funded by IT Internal Service Fund) •Recreation Coordinator (Revenue Neutral) •Utility Accounting Technician (Funded by Utility Funds) •Public Service Worker (Revenue Neutral) •Internal Service Funds •Warning Siren -9500 Block of Military •Contingency 2024 General Fund Expenses by Department Public Safety 47% Public Works 19% Gen Govt 13% Parks&Rec 12% Comm Dev 8% Contingency 1% City Property Tax Calculation on Median Home Property Value $359,700 (9.2% Increase)$359,700 Less: Homestead Market Value Exclusion (4,867) Equals Taxable Market Value 354,833 Multiply by State Class Rate 1% Equals Tax Capacity 3,548 Multiply by Property Tax Rate 32.745% City Property Tax $1,161.79 Annual Increase of $71 or .19 per day Year Mkt. Value Change%City tax 2022 273,800 -3.05%$973 2023 329,600 20.38%1,091 2024 371,400 12.68%1,204 Year Mkt. Value Change%City tax 2022 310,300 -2.45%1,121 2023 373,600 20.40%1,254 2024 417,900 11.86%1,368 Year Mkt. Value Change%City tax 2022 384,900 1.34%1,424 2023 463,300 20.37%1,570 2024 519,700 12.17%1,718 Year Mkt. Value Change%City tax 2022 344,100 3.80%1,258 2023 414,300 20.40%1,404 2024 441,200 6.49%1,445 Tax Impacts on Other Select City Properties Average Tax Impact Change is $97 or .26 per day What do my City Taxes pay for? •2024 Median Value Home $359,700 •Annual City Taxes = $1,161.79 •Monthly cost = $96.82 •Daily cost = $3.18 •Annual increase from 2023 of $71 or .19 per day Public Safety $40.87 Public Works 13.22 General Govt.12.61 Parks and Recreation 10.30 Community Development .10 Debt Service 16.42 Capital Equipment 1.34 EDA 1.15 Contingency .81 Total Monthly $96.82 •Adopt Resolution 2023-111, Adopting the Proposed Preliminary 2023 Property Tax Levy Collectible in 2024 in the amount of $23,125,600 Recommendation