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7. 2. <br /> CC Regular Session <br /> Meeting Date: 11/26/2024 <br /> PrimaryStrategic Plan Initiative: Identify and implement operational efficiencies,cost savings and additional <br /> g funding sources. <br /> Title: <br /> PUBLIC HEARING: 2025 Tax Levies and General Fund Budget: <br /> •Adopt Resolution#24-3 3 5 Adopting the 2024, Payable 2025 Municipal Tax Levy <br /> •Adopt Resolution#24-3 3 6 Adopting the 2025 General Fund Budget <br /> •Adopt Resolution#24-337 Adopting the 2025 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 the public <br /> can give input. The City is required to adopt a levy and certify to the county auditor by December 31,2024. <br /> A budget/levy slide presentation will be provided that will outline the city's proposed 2025 levies and General <br /> Fund Budget. <br /> A brief recap of the proposed levy to be adopted is as follows: <br /> •2025 Final Overall Levy: $21,950,694. No change from the September Preliminary levy <br /> adopted September 24, 2024. <br /> •The final adopted levy for 2024 was $20,279,701. <br /> Levy Components: General Fund Levy: $161931,046 ($1419621220-Year 2024) <br /> Pavement Management Levy: $ 1,93 6,970 ($1,844,733 - Year 2024) <br /> Debt Service Levies: $2,996,311 ($313851358 -Year 2024) <br /> EDA Levy: $ 86,367 ($87,390 -Year 2024) <br /> The levy increase of$1,670,993 from payable 2024 to payable 2025 is largely attributed to personnel costs for <br /> existing staff(market rate adjustments, COLA,wage steps,health,retirement(PERA) and workers comp in the <br /> amount of$1,404,089 and new personnel requests-additional personnel,reclasses& additional hours (New <br /> personnel consists of a full-time fire inspector(July 2025 start date) &a part-time Police Records Technician <br /> (February 2025 start date)) in the amount of$177,952. <br /> Other Factors of Levy Increase: <br /> 1. $218,285 increase in line items: professional services contracts, street maintenance, software <br /> licensing <br /> 2. $168,500 increase in capital equipment <br /> 3. $92,237 Pavement Management Levy Increase - additional 5% per year as <br /> recommended <br /> 4. ($389,047)decrease in Debt Service Levy attributed to funds remaining after retired bond in <br /> 2025 <br /> 5. $($1,023)EDA levy decrease <br /> 2025 Est Final Tax Capacity Rate: 46.00% (41.431% -Year 2024) - Overall 2.76%Decrease in Tax <br /> Capacity Value due to decrease in property valuations and Market Value Exclusion increasing from$413,700 to <br /> $517,200. <br />