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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. <br />Tax impact on MVHThe 2026 Lake Elmo <br />operations budget is shaped by several key <br />cost drivers that support essential <br />city services. Personnel costs remain the <br />most significant factor,reflecting competitive <br />wages, benefits, and staffing needed to <br />maintain service levels amid a <br />growing community. Inflationary increases in <br />contracts, supplies, and equipment continue to <br />impact Public Works,Parks, and <br />Public Safety operations. Technology and software <br />investments are also driving costs as the <br />City modernizes systems to improve <br />efficiency, transparency, and customer service. Additionally, <br />rising costs for utilities, facility <br />maintenance, and fleet operations contribute <br />to overall operational needs. Together, these <br />drivers ensure Lake Elmo can continue <br />delivering high-quality services while responsibly <br />planning <br />for <br />the <br />future. <br />2026 LAKE ELMO <br />Budget & Tax <br />Levy 2025 2026 General Fund $5,588,958 $ <br />6,300,000 Debt Service $3,251,728 $ <br />3,417,785 Capital $1,243,333 $ <br />1,780,000 Total Levy $10,084,019 $ <br />11,497,785 Local Tax Rate 26.