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STAFF REPORT  <br />TO: Mayor Keis and Members of City Council <br />FROM: Sam Magureanu, Finance Director <br />REVIEWED BY: Chris Heineman, City Administrator <br />DATE: September 13, 2023 <br />RE: 2024 Preliminary Levy <br />ACTIONS TO BE CONSIDERED: <br />The Council is asked to consider motions to approve the 2024 preliminary levy, set a date and time for <br />the budget hearing, and set the bonded debt tax levy at zero. <br />BACKGROUND: <br />The City of Little Canada is required to establish a preliminary levy by September 30th. The preliminary <br />levy may be decreased before the final adoption in December, but it may not be increased. <br />A preliminary levy and general fund budget were presented at City Council workshops on August 9th <br />and on August 23rd. <br />2024 Proposed Levy: <br />The City Council reviewed the preliminary budget and operating levy for 2024 at the budget workshop <br />held on August 9th, 2023. At the workshop, staff presented a proposed increase to the operating levy <br />of $296,291 which represents an increase of 7.06% over the adopted 2023 budget. <br />After discussing several options with council at the Council Workshop meeting on August 9th and at <br />the August 23rd City Council meeting, City staff included an additional $156,714.16 in the proposed <br />levy. The increase will bring the total proposed levy increased to $453,675 or 10.79%, an increase of <br />3.73% from the 7.06% levy presented at the August 9th City Council Workshop.  <br />Fund 2023 Certified Levy 2024 Levy $ Change % Change <br />General  Fund $3,883,524 $4,180,445 $296,921 7.65% <br />Fire Equipment 160,000 160,000 $0 0.00% <br />Infrastructure Fund 160,000 160,000 $0 0.00% <br />Total $4,203,524 $4,500,445 $296,921 7.06% <br />2024 Preliminary Gross Levy Compared with 2023