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   <br />  <br />  STAFF REPORT  <br /> <br /> <br /> <br />TO: Mayor Keis and Members of City Council <br /> <br />FROM: Chris Heineman, City Administrator <br />Sam Magureanu, Finance Director <br /> <br />DATE: August 10, 2022 City Council Workshop <br /> <br />RE: Discussion on 2023 Levy <br /> <br />DISCUSSION: <br />The purpose of this workshop discussion is to review the 2023 preliminary Property Tax Levy <br />for the General Fund. We will be focusing primarily on General Fund expenditure changes for <br />Personnel Services, Police Contract and Fire department as well as General Fund revenue <br />changes and the impact to the City tax levy and City tax rate. Note that a detailed review of all of <br />the preliminary numbers and assumptions for the General Fund will be presented at the August <br />24th workshop meeting. <br /> <br />CITY TAX RATE: <br />The 2023 preliminary City tax rate as of August 10, 2022 is 27.864, an increase of 9.05% from <br />2022 tax rate of 25.551. The estimated rate has been calculated using 2022 final Tax Capacity <br />Values. The 2023 estimated Tax Capacity Values will be available by end of August, at which <br />point, a new estimated rate will be calculated. <br />2022 % 2023 % <br />TAX CAPACITY RATES: Budget Change Budget Change <br />General Fund 23.634 6.97% 25.926 9.70% <br />Fire Equipment Fund 1.087 1.47% 1.099 1.12% <br />Infrastructure Fund 0.830 1.47% 0.839 1.07% <br />TOTALS:25.551 6.54% 27.864 9.05% <br /> <br /> <br />PROPERTY TAX LEVY: <br />The 2023 preliminary Property Tax Levy is $4,057,914. This amount includes $160,000 levy for <br />Fire Capital Equipment – Fund 457 and $122,200 for Infrastructure related expenditures – Fund <br />450. The preliminary Property Tax Levy is an increase of $296,504 or 7.88% from prior year’s <br />levy.