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M E M O R A N D U M DATE: August 22, 2023 TO: Mayor Stille, City Council Members, City Manager Yunker FROM: Shelly Rueckert, Finance Director ITEM: 2024 Preliminary Levy / General Fund Budget At the May 23 rd City Council work session, the City Council and staff reviewed the updated Street Improvement schedule and its impact on the 2024 Debt Levy. On June 13th a revised Street Improvement schedule was presented for the City Council’s consideration which included two different approaches, one being 2024/2025 improvements that included street reconstruction and limited mill and overlay improvements and the other was an extensive mill and overlay improvements over 2024/2025. City Staff favored the later approach. Per the Council’s direction the staff presented the future Street improvement plan that reflected extensive mill and overlay project for 2024 and 2025 and the resulting impact on the 2024 debt service levy at the June 27th Council meeting. The Debt Levy provides funding for 2024 debt service payments for the Road Improvement debt, Lease Revenue debt (city buildings) and the Tax Abatement debt (parks and sidewalks). The proposed 2024 Debt Levy was approved at the June 27th City Council Meeting. At the July 11th work session, Staff provided the City Council with an early projection regarding the overall levy and General Fund Budget. Staff presented an updated overall levy scenario and a detailed 2022 General Fund budget at the August 7th Council work session. The overall levy presented included the Housing Redevelopment Authority (HRA), Capital Equipment, Building, Parks and Infrastructure Improvement Funds levies. The Levy proposed below reflects these work session discussions. Council directed the staff to incorporate the items discussed into the 2024 Budget and Levy. Council affirmed the adjustments to the various capital levies that are consistent with the long-term capital plans. No increase in the Housing Redevelopment Authority (HRA) levy was proposed for 2024. The Levy proposed below reflects the culmination of Council meetings/works sessions discussions to date. The proposed 2024 overall levy is $9,191,133, which represents an increase of $503,708 or a 5.80% increase compared to the 2023 overall levy. 2023 $ Change 2024 % Change General Fund 5,479,630$ 458,708$ 5,938,338$ 8.37% HRA Fund 209,414 - 209,414 0.00% CIP Fund 338,200 30,000 368,200 8.87% Debt Service Funds 2,487,181 (350,447) 2,136,734 -14.09% Infrastructure Fund 70,000 355,447 425,447 507.78% Building Improvement Fund 93,000 5,000 98,000 5.38% Park Improvement Fund 10,000 5,000 15,000 50.00% Total 8,687,425$ 503,708$ 9,191,133$ 5.80%