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CC Regular Session New <br />Meeting Date: 09/24/2024 <br />Primary Strategic Plan Initiative: <br />Identify and implement operational efficiencies, cost savings and additional <br />funding sources. <br />8. 1. <br />Title: <br />Adopt Resolution 24-262 Adopting Proposed 2025 Payable Tax Levies (General, Pavement Management, EDA <br />and Debt Service) & Schedule Public Hearing for November 26, 2024; Adopt Resolution #24-263 Adopting <br />Proposed 2025 General Fund Budget and Resolution #24-264 Adopting Proposed 2025 EDA Budget. <br />Purpose/Background: <br />Purpose: Each taxing authority must certify its proposed preliminary property tax levies for payable 2025 to the <br />County Auditor by September 30, 2024. <br />A budget/levy slide presentation will be provided that will outline the city's proposed 2025 levies and General <br />Fund Budget. <br />The city held several worksessions on the proposed 2025 preliminary budget and related levies, with the last <br />worksession, prior to preliminary adoption, being held on September 10, 2024. <br />Proposed 2025 Payable Tax Levy: <br />Proposed Tax Levies: <br />General Fund Levy: <br />Pavement Management Fund Levy (Included in General Levy) <br />EDA Levy (Included in General Levy) <br />Debt Service Levy: CIP Bond (Municipal Center) (Being Requested) <br />Debt Service Levy - CIP Bond ( Fire Station #2) <br />Debt Service Levy - 2023 Equipment Certificates <br />112022 Reconstruction Debt - $12M of additional Road Projects <br />Debt Service Levy - CIP Bond (Public Works Campus) <br />2015 Reconstruction Debt -Garnet Street & Overlays <br />2016 Reconstruction Debt - Andrie & Overlays <br />2017 Reconstruction Debt - Sunwood Drive & Alpine <br />2018 Reconstruction Debt -River's Bend & Stanhope Terrace <br />Total Proposed Levy - 2025 <br />Ils <br />ils <br />Ils <br />ils <br />ils <br />Ils <br />u $ <br />ils <br />ils <br />ii <br />$ 21,950,694 <br />16,931,046 <br />1,936,970 <br />86,367 <br />840,650 <br />283,749 <br />188,738 <br />1,089,694 <br />127,276 <br />114,222 <br />146,371 <br />91,875 <br />113,792 <br />Based upon the proposed levy, the City's estimated tax rate is projected to increase in 2025 from 41.431 % (2024) <br />to 46.497% subject to final property and tax calculations by the County. The attached resolution, as it is <br />presented, reflects a levy of $21,950,694. The proposed levy for 2025 reflects a $1,670,993 (8.24% increase) over <br />the adopted levy in 2024 of $20,279,701. <br />The levy increase of $1,670,993 has the following contributing factors: <br />