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Winter 2023 2024 Budget and Tax Levy 2024 Budget: On September 19, 2023, the City Council adopted a 2024 Preliminary Property Tax Levy of $8,922,042 which is an increase of $1,123,639 or 14.4% over 2023. The City’s estimated tax rate for 2024 is 24.545% which is a 2% increase over the 2023 tax rate of 24.064%. 2024 Preliminary General Fund Budget : The operating budget for expenditures for 2024 has an overall increase of $418,701 or 5.423% over 2023. The increase is due to a number of factors. Some organization -wide increases come as the city’s staffing implementations continue. No new internal positions will be added in 2024, but a number of positions that were budgeted for just a portion of 2023 will be full-year in 2024. The new City Center will increase expenses for a number of departments, and insurance expenses are expected to increase, as well. The city will be incorporating an additional Deputy into the contract with Washington County Sheriff’s Office in 2024. The Fire Dept. will be incorporating additional Paid -On-Call hours for training and duty crews. Non-tax revenue is expected to decrease in 2024 as development shifts to multi- family and permit and review fees decrease. This decrease in non-tax revenue creates a gap that must be filled with additional tax revenue – the General Fund Levy -- in order to balance the budget. The preliminary General Fund levy was set at $5,998,212, an increase of $876,947 or 17.1%. 2024 Debt Levy: The overall City levy is made up of the General Fund levy and the Debt levies. The table to the right shows the 2023 Debt levy and the proposed 2024 Debt levy. Debt levies are increasing by $246,692 or 9.2%. (Budget & Tax Levy Continued to Page 2) Winter 2023 3880 Laverne Avenue North - Lake Elmo, MN 55042 (651) 747-3900