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<br /> <br /> <br />MEMORANDUM <br /> <br /> <br />To: St. Anthony Village City Council <br />From: Shelly Rueckert, Finance Director and Charlie Yunker, City Manager <br />Date: March 9, 2021 City Council Work Session <br />Request: Future Street Improvement plan / 2022 Debt Levy / Future <br /> <br /> <br />BACKGROUND <br />In 2014 a debt levy reduction program (Peak to Plateau) began in order to stabilize the annual increase in levies. <br />For the past several years this plan has achieved its goal of holding down the growth of the debt levy while <br />continuing annual street reconstructions. A critical milestone within the current plan is coming up in 2023 (final <br />levy year for Lease Revenue Bonds). Achieving this milestone provides the opportunity to review - how best to <br />financially manage the remaining street improvements. The portion of the plan being considered for revision <br />begins with the 2023 street improvement year. <br />The 2022 Street improvements and resulting Debt Levy are consistent with the existing plans. The 2022 Street <br />project includes a street reconstruction, mill and overlays and alleys (see attachment 1 for details). The debt <br />levy for 2022 will not increase, which will be the third year in a row of a flat levy (“Plateau”). Staff’s <br />recommendation is to keep with the currently planned street improvements for 2022, along with a Debt Levy <br />that is at a zero increase for 2022. <br /> <br />In addressing the financial management of the 2023 and beyond street improvements/debt levy staff has <br />reviewed two options: <br /> Continuing the practice of an “annual project”, paid for by bond financing. <br /> Modifying the pace of improvements in order to reduce the reliance on bond financing and transition to <br />levy support. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />