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CC Regular Session 6. 3. <br /> Meeting Date: 12/12/2023 <br /> By: Diana Lund,Finance <br /> Information <br /> Title: <br /> PUBLIC HEARING: 2024 Tax Levies and General Fund Budget: <br /> •Adopt Resolution#23-310 Adopting the 2023, Payable 2024 Municipal Tax Levy <br /> •Adopt Resolution#23-311 Adopting the 2024 General Fund Budget <br /> •Adopt Resolution#23-312 Adopting the 2024 Economic Development Authority(EDA)Budget <br /> Purpose/Background: <br /> Purpose: The City is required to hold a meeting where the city's budget and levy will be discussed and <br /> the public can give input. The City is required to adopt a levy and certify to the county auditor by <br /> December 28, 2023. <br /> A budget/levy slide presentation will be provided that will outline the city's proposed 2024 levies and <br /> General Fund Budget. <br /> A brief recap of the proposed levy to be adopted is as follows: <br /> •2024 Final Overall Levy: $20,279,701. No change from the September Preliminary <br /> levy adopted September 26, 2023. <br /> •The final adopted levy in 2023 was $18,235,180 <br /> Levy Components: General Fund Levy: $14,9621220 ($135145,820 - Year 2023) <br /> Pavement Management Levy: $ 158445733 ($1,756,889 - Year 2023) <br /> Debt Service Levies: $ 33385,358 ($3,249,861 -Year 2023) <br /> EDA Levy: $ 87,390 ($82,610 - Year 2023) <br /> The levy increase of$2,044,521 from payable 2023 to payable 2024 is largely attributed to personnel <br /> costs for existing staff(COLA, wage steps, Health, Retirement (PERA) and workers comp in the <br /> amount of$703,813 and new personnel requests (3 street maintenance, 1 accountant 1,1 rental <br /> housing inspector, 1 building maintenance worker, 1 mechanic and 1 park and rec maintenance worker) <br /> in the amount of$588,988. <br /> Other Factors of Levy Increase: <br /> 1. $135,797 in Debt Service Levy attributed to debt levy for new issue: 2023 GO Capital <br /> Equipment <br /> 2. $523,299 Line item budget increases (Road salt & street improvements <br /> -crackseal i ng/rejuvenation/pothole patching) <br /> 3. $87,844 Pavement Management Levy Increase - additional 5% per year as <br /> recommended <br /> 4. $45780 EDA levy increase <br /> 2024 Est Final Tax Capacity Rate: 41.171% (40-429% - Year 2023) <br /> 2024 General Fund Budget: $20,799,768 ($175055,153 - Year 2023) <br /> 2024 EDA Budget: $92,390 ($875610 - Year 2023) <br />