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<br />Street Maintenance <br /> <br />The Street Maintenance Levy has increased $129,554 or 15%. The $990,000 levy will be <br />used in combination with $130,000 from the Water Fund to complete a street <br />preservation project in line with the City’s Pavement Management Plan. <br /> <br />The 2023 Pavement Management Plan recommends increased funding to maintain a <br />target street condition rating of 73. Historical street maintenance funding is as follows: <br />• $661,500 in 2020 (5.00% annual increase) <br />• $711,113 in 2021 (7.50% annual increase) <br />• $782,224 in 2022 (10.00% annual increase) <br />• $860,446 in 2023 (10.00% annual increase) <br /> <br />A decline in the street condition rating is predicted in future years with an increase less <br />than 15%. <br /> <br />Debt Levy <br /> <br />Significant changes to the Debt Levy include the maturity of the 2020 Certificates of <br />Indebtedness and 2012A General Obligation Bonds. The $286,660 levy decrease offsets <br />the $275,000 increase in the Capital Equipment Replacement Levy. <br /> <br />Requested Council Direction <br /> <br />Staff is prepared to discuss the draft budget and tax levy with the City Council at the <br />following budget work sessions: <br /> <br />• August 14, 2023: Tax Levy, General Fund Budget, Capital Equipment CIP <br />• August 28, 2023: Rookery Activity Center and Enterprise Fund Budget <br /> <br />Budget work sessions may be scheduled at the discretion of the Council to achieve the <br />desired budget level for 2024. Council action is requested by the September 25th meeting <br />in order to set the preliminary tax levy and schedule a public hearing date. The <br />preliminary levy set at the September meeting may not be increased thereafter, but may <br />be lowered before approving the final budget and levy in <br />December. <br /> <br />Attachments <br /> <br />2024 Draft Budget and Tax Levy <br />