12-04-2024 Council Packet - Laserfiche WebLink

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Significant Differences Between 2024 & 2025 Budget  Police Services Ramsey County Contract – 7.07% or $133,059 increase  Personnel Services – 6.24% or $109,465 increase  1% additional levy per City policy or $44,768 (1.5% additional levy used in 2024)  Fire Contract – 4.94% or $24,460 increase  Attorney – 18.56% or $18,750 increase  Contracted Services - $20,000 for Projects/Facility Management  Infrastructure Fund Levy – 25% or $40,000 increase  Fire Equipment Fund Levy - $30,000 decrease  General Capital Fund Levy - $30,000 increase As noted above, the levy for the Fire Equipment Fund was decreased by $30,000. This decrease was possible due to the allocation of $450,000 of the City of Little Canada’s one-time Public Safety Aid to the Fire Equipment Fund for the second payment of the ladder truck. The $30,000 reduction to the levy will be reallocated to the General Capital Fund. The levy for the General Capital Fund was subsequently increased from $100,000 in 2024 to $130,000 in 2025. The General Capital Fund levy was introduced in 2024 and will be replaced by a future debt service levy for a proposed public gathering space. The proposed gathering space is included in the City’s ten-year CIP plan for construction in 2027. The General Capital Fund was established as a strategic move meant to help ease into the debt service payment rather than introduce it all at once. A 20-year payoff schedule is estimated at approximately $320,000 annually for a projected loan of $4,425,000. Impact Analysis on 7.84% Levy Increase The tables below include a 7.84% levy increase impact on a single-family residential property and the impact of a 7.84% levy increase on Commercial/Industrial Property at various taxable market values. Note: Highlighted in yellow in the first table is the median single-family home value in the City of Little Canada per the Ramsey County Assessor’s Office. The Porterhouse restaurant is included in the analysis on the second table (highlighted in yellow). Taxable Market Value City Tax Taxable Market Value City Tax 250,000 620.74 250,864 696.21 75.47$ 12.16% 376,000 933.59$ 377,300 1,047.10 113.51$ 12.16% 550,000 1,365.62 551,902 1,531.66 166.04$ 12.16% 650,000 1,613.92 652,247 1,810.15 196.23$ 12.16% 800,000 1,986.36 802,766 2,227.87 241.51$ 12.16% Increase/Decrease RESIDENTIAL SINGLE HOME - Market Value Change 0.35% % ChanageTax Year 2024 Tax Year 2025 A median value home ($377,300) will increase by approximately $113.51 from the prior year