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7. 1. <br />CC Regular Session <br />Meeting Date: 09/26/2023 <br />PrimaryStrategic Plan Initiative: Identify and implement operational efficiencies, cost savings and additional <br />g funding sources. <br />Information <br />Title: <br />Adopt Resolution 23-228 Adopting Proposed 2024 Payable Tax Levies (General, Pavement Management, EDA <br />and Debt Service) & Schedule Public Hearing for December 12, 2023; Adopt Resolution #23-229 Adopting <br />Proposed 2024 General Fund Budget and Resolution #23-230 Adopting Proposed 2024 EDA Budget. <br />Purpose/Background: <br />Purpose: Each taxing authority must certify its proposed preliminary property tax levies for payable 2024 to the <br />County Auditor by October 2, 2023. <br />A budget/levy slide presentation will be provided that will outline the city's proposed 2024 levies and General <br />Fund Budget. <br />The city held several worksessions on the proposed 2024 preliminary budget and related levies, with the last <br />worksession, prior to preliminary adoption, being held on September 12, 2023. <br />Proposed 2024 Payable Tax Levy: <br />Proposed Tax Levies: <br />General Fund Levy: � � <br />� 14,962,220 <br />Pavement Management Fund Levy (Included in General Levy) <br />L <br />$ 118441733 <br />FEDA Levy (Included in General Levy) <br />C 87,390 <br />rDebt Service Levy: CIP Bond (Municipal Center) (Being Requested) <br />$ 111221950 <br />Debt Service Levy - CIP Bond (Fire Station #2) <br />$ 2821988 <br />�Debt Service Levy - 2023 Equipment Certificates -ESTIMATE <br />C 1881736 <br />Debt Service Levy - 2014 Equipment Certificates <br />$ 102,094 <br />Debt Service Levy - CIP Bond (Public Works Campus) <br />$ 1271276 <br />2015 Reconstruction Debt -Garnet Street &Overlays <br />I$ 1171293 <br />F016 Reconstruction Debt - Andrie &Overlays <br />$ 1481740 <br />� 017 Reconstruction Debt - Sunwood Drive &Alpine <br />IL <br />$ 931335 <br />18 Reconstruction Debt -River's Bend &Stanhope Terrace <br />$ 110,996 <br />2022 Reconstruction Debt - $12M of additional Road Projects <br />IFs-1,090,950 <br />Total Proposed Levy - 2024 $ 209279,701 <br />Based upon the proposed levy, the City's estimated tax rate is projected to increase in 2024 from 40.429% <br />(2023) to 41.050% subject to final property and tax calculations by the County. The attached resolution, as <br />it is presented, reflects a levy of $20,279,701. The proposed levy for 2024 reflects a $2,044,521 (11.21 % <br />increase) over the adopted levy in 2023 of $18,235,180. <br />