08-28-2024 Workshop Packet - Laserfiche WebLink

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2024) and as a result, a larger portion of the City’s tax base has been contributed to the fiscal disparities program. PROJECTED LEVY – 9.37% INCREASE The City is expected, based on the preliminary budget, to experience a 9.37% increase from the previous year. Last year’s levy increase was 8.74% from 2023. Fund 2024 Certified Levy 2025 Levy $ Change % Change General Fund $4,150,784 $4,539,093 $388,308 9.36% General Capital Fund 100,000 130,000 30,000 30.00% Fire Equipment Fund 160,000 130,000 (30,000)-18.75% Infrastructure Fund 160,000 200,000 40,000 25.00% Total $4,570,784 $4,999,093 $428,308 9.37% 2025 Final Gross Levy Compared with 2024 The proposed levy includes all the departmental requests that are funded through the tax levy in the General Fund as well as three additional levies, as noted in the above table, for the General Capital, Fire Equipment, and Infrastructure funds. There were a few changes proposed with the 2025 budget that relate to the capital improvement levies:  Infrastructure Fund Levy proposed an increase of $40,000 to help the fund keep up with inflationary costs associated with CIP projects. This will bring the levy to $200,000 in 2025 from $160,000 in 2024, a 25% increase.  Fire Equipment Fund Levy decreased by $30,000. The decrease is proposed to be allocated to the General Capital Fund, increasing the levy to $130,000 from $100,000. The General Capital Fund Levy was introduced last year to capture a partial debt service payment for the construction of the Community Building, currently scheduled for 2026. Other significant levy components:  Added $20,000 Contracted Services part of the City Center Department #18 for a Project Management Position.  Added $300 for each EFT as part of the Wellness Program = $3,846 in the General Fund.  Utility Funds allocations of personnel staff of $56,620 – These allocations were made to properly reflect staff time to the proper departments. A few reallocations of staff time had a significant impact on the proposed Levy: • An adjustment to the City Administrator position increased the General Fund budget by $30,222. • Customer Service Specialist reallocation increased the General Fund budget by $26,398.  The current levy includes an additional 2.5% levy or $113,477 per City Policy. Last year City Council decreased the additional levy to 1.5% which allowed for a 1% decrease in levy.