CC PACKET 08222023 - Laserfiche WebLink

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• Budgeted costs for communications, community inclusion and sustainability initiatives and other miscellaneous items are up $22,309 compared to 2023. General Fund Revenues: • Liquor transfer to the General Fund will be $275,000 same as 2023. • 2024 State funded Local Government Aid reflects an increase of $64,472. • Police contracted services has increased by $123,455, a 14.35% increase. • Excess Tax Increment collections are projected to increase by $77,000 in 2024. . The 2024 HRA Budget and Levy is proposed at the same amount as 2023, 0% Levy increase. The 2024 Debt Related Levies and Street improvement Levies are proposed to increase by $0 over the 2023 combined debt levies. The 2024 Street project includes the extensive mill and overlay plan for streets and alleys. The transitioning of the debt levy to infrastructure levy begins with 2024 Levy. The 2024 debt levy certified will be $2,136,734. This is a decrease of $350,447 compared to the 2023 debt levy. This decrease in levy will allow the City to increase its Infrastructure Levy by the same sum. The results in a combined flat levy impact for the street improvement program for a fifth consecutive year. The 2024 Capital Improvement Program (CIP) levy is proposed to increase by $30,000. The 2024 Building Improvement, Infrastructure and Park Improvement lives are each proposed at a $5,000 increase. These levy increases are consistent with the city’s long-term capital improvement plans. Upcoming Budget meetings At the September 12, 2023 City Council meeting, Staff will present the preliminary 2024 Budget and Property Tax Levy to the City Council for approval. At this meeting a resolution will need to be passed certifying the preliminary levy to Hennepin and Ramsey Counties. At the October 10, 2023 Council work session, Staff will present the proposed 2024 updates to the long-term capital budget plans. At the October 24, 2023 Council work session, Staff will present the proposed 2024 utility rate adjustments and budgets At the October 24, 2023 City Council meeting, Staff will present the 2024 long term capital budgets as revised. Requested City Council action will be the approval of 2024 capital levies and long-term plans. The final presentation of the 2024 Budget and Property Tax Levy (Truth in Taxation) hearing is scheduled for the December 12, 2023 Council Meeting. At the meeting, Staff will present a recap of the final 2024 Budget and the 2024 Property Tax Levy’s impact on property tax bills.