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<br />Item No: 5 <br />Meeting Date: December 4, 2023 <br />Type of Business: Work Session <br />Administrator Review: _____ <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Gayle Bauman, Finance Director <br />Item Title/Subject: 2024 Proposed Tax Levy and Budget <br /> <br /> <br />Attached is the 2024 Draft Municipal Budget. The City Council has reviewed various <br />portions of the municipal budget throughout the summer and fall and this is one last <br />opportunity before considering final approval at the December 11, 2023 City Council <br />meeting. <br /> <br />The City Council adopted a preliminary levy increase of 7.54% ($488,293). The attached <br />proposed budget was prepared assuming a 6.50% levy increase ($421,186). The Street <br />Improvement Fund levy of $150,000 will have no change over 2023. The Police Officer <br />referendum levies will not change and remain at $385,000. There was no increase in the <br />EDA levy. <br /> <br />Staff is requesting direction on what levy increase the Council would like to consider at <br />the December 11, 2023 meeting. As discussed at the Truth in Taxation public hearing, <br />the levy is reduced by $16,200 for each 0.25% decrease. If Council opts for a levy <br />increase below 6.50%, the transfers out of the General Fund would be reduced. These <br />transfers support our Community Center and capital funds. A reduction here may cause <br />a deferment of future projects. <br /> <br />Respectfully Submitted, <br /> <br /> <br />Gayle Bauman, Finance Director