2023 Budget Book - Laserfiche WebLink

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 Bell Ln – Armour Tr. to Crestview Dr.  Armour Tr - Silver Lake Rd. to Crestview Dr. Alleys  South of 29th Ave. to West of Roosevelt St.  West of Roosevelt St to Stinson Blvd  South of 29th Ave. to Murray Ave. There will not be a 2023 Street Improvement Project The Debt Levy is the funding source for the annual payment of the bond principal and interest. The 2023 Debt Related Levies are proposed to increase by $0 over the 2022 combined levies. The second phase of the program continues to stabilize the street improvement program’s impact on the annual levy, while also reducing the reliance on debt to fund construction costs. In the Phase II Street Improvements and related bonding will be skipped in 2023 and resumed in 2024. The goal associated with Phase II is a modified pace of improvements to reduce reliance on bond financing and transition to levy support for construction cost. Again, the debt levy for 2023 will not increase, which will be the fourth year in a row of a flat levy. The combined program phases have served to lower annual levy impact of street reconstruction by $3,166,000 over the last 9 years. Capital Fund Levies The 2023 Capital Improvement Program (CIP) and the 2023 Building Improvement Levies annually proposed increases of $30,000 and $5,000 respectively. The 2023 Infrastructure levy will increase by $5,000. The 2023 Park Improvement levy will increase by $5,000. Levy The total for all levies is $8,687,425. The 2023 overall levy increase will be $444,333 or 5.39% percent. A summary of the total levies is as follows: 2023 General Fund Levy $5,479,630 CIP Levy $ 338,200 Debt Service Levy $2,487,181 HRA Levy $ 209,414 Building Improvement Levy $ 93,000 Infrastructure Levy $ 70,000 Park Improvement Levy $ 10,000 Total $8,687,425 In 2023, the median valuation of the single-family home within the City equals $396,000 (Hennepin County portion). The median valuation is the value at which 50% of the homes are valued lower and 5