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FINANCE <br />Page 4 The Source | Winter 2026 Lakeelmo.gov <br />2026 Budget summary <br />The city’s budget is a financial plan that <br />prioritizes high-quality services while remaining <br />fiscally responsible. The process to develop the <br />budget is a collaborative effort of the city <br />finance team, management team, and city <br />council. Careful planning and preparation <br />ensure our core values guide the way. The 2026 <br />city budget is $8,859,606. <br />2026 Property tax levy <br />The overall City Levy is made up of the <br />General Fund Levy, Debt Levy, and Capital <br />Levy. The change from 2025 to 2026 is <br />$1,413,766, or 14.02%. <br />Where do my taxes go? <br />The median home value <br />increased from $581,700 for tax <br />year 2025 to $585,700 for tax <br />year 2026. <br />When applying the estimated tax <br />rate to a median value home, you <br />would see an increase of $179 in <br />city tax for the year, or less than <br />$15 per month.Tax impact on MVHThe 2026 Lake Elmo operations budget is <br />shaped by several key cost drivers that <br />support essential city services. Personnel <br />costs remain the most significant factor, <br />reflecting competitive wages, benefits, and <br />staffing needed to maintain service levels <br />amid a growing community. Inflationary <br />increases in contracts, supplies, and <br />equipment continue to impact Public Works, <br />Parks, and Public Safety operations. <br />Technology and software investments are also <br />driving costs as the City modernizes systems <br />to improve efficiency, transparency, and <br />customer service. Additionally, rising costs for <br />utilities, facility maintenance, and fleet <br />operations contribute to overall operational <br />needs. Together, these drivers ensure Lake <br />Elmo can continue delivering high-quality <br />services while responsibly planning for the <br />future. <br />2026 <br />LAKE <br />ELMO <br />Budget & Tax Levy <br />2025 2026 <br /> General Fund $5,588,958 $6,300,000 <br /> Debt Service $3,251,728 $3,417,785 <br /> Capital $1,243,333 $1,780,000 <br /> Total Levy $10,084,019 $11,497,785 <br /> Local Tax Rate 26.84%29.57%