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CITY COUNCIL <br />WORK SESSION STAFF REPORT <br />ITEM NO. 5 <br />STAFF ORIGINATOR: Hannah Lynch, Finance Director <br />WORK SESSION DATE: November 4, 2024 <br />TOPIC: 2025 Annual Budget and 2025-2029 Financial Plan <br />BACKGROUND <br />The City Council adopted the 2025 preliminary tax levy on September 23, 2024. That levy was <br />certified to Anoka County and represents what will be included on property owner's proposed <br />2025 tax statements in mid -November. <br />The 2025 preliminary levy totaled $16,006,535 and represented a $1,885,607 or 13.35% <br />increase over the 2024 levy. The resulting city tax rate was estimated to be 40.133%. <br />The proposed 2025 final levy presented this evening totals $15,604,954 and represents a <br />$1,484,023 or 10.51% increase over the 2024 levy. The resulting city tax rate is estimated at <br />39.025%. <br />Proposed 2025 Levy Comparison <br />$16, 500,000 <br />$16,000,000 <br />$15, 500,000 <br />$15,000,000 $1,720,910 <br />$1,282,211 <br />$14, 500,000 <br />$14,000,000 <br />$13, 500,000 <br />$13,000,000 No No <br />2025 Preliminary Levy 2025 Final Levy <br />■ Operating Levy Debt Levy <br />1 <br />