Laserfiche WebLink
City Council Regular Meeting Minutes <br />August 22, 2023 <br />Page 2 <br />1 VI.GENERAL BUSINESS OF COUNCIL. <br />2 <br />A.3 2024 Proposed Budget & Levy Presentation <br />4 <br />5 Finance Director Rueckert reviewed at the May 23, 2023 City Council work session, the City <br />6 Council and staff reviewed the updated Street Improvement schedule and its impact on the 2024 <br />7 Debt Levy. On June 13, 2023 a revised Street Improvement Schedule was presented for the City <br />8 Council’s consideration which included two different approaches, one being 2024/2025 <br />9 improvements that included street reconstruction and limited mill and overlay improvements and <br />10 the other was an extensive mill and overlay improvements over 2024/2025. City Staff favored <br />11 the latter approach. Per the Council’s direction the staff presented the future Street Improvement <br />12 Plan that reflected extensive mill and overlay project for 2024 and 2025 and the resulting impact <br />13 on the 2024 debt service levy at the June 27th Council meeting. The Debt Levy provides funding <br />14 for 2024 debt service payments for the Road Improvement debt, Lease Revenue debt (city <br />15 buildings) and the Tax Abatement debt (parks and sidewalks). The proposed 2024 Debt Levy <br />16 was approved at the June 27, 2023 City Council Meeting. <br />17 <br />18 At the July 11, 2023 Work Session, Staff provided the City Council with an early projection <br />19 regarding the overall levy and General Fund Budget. Staff presented an updated overall levy <br />20 scenario and a detailed 2022 General Fund budget at the August 7, 2023 Council Work Session. <br />21 The overall levy presented included the Housing Redevelopment Authority (HRA), Capital <br />22 Equipment, Building, Parks and Infrastructure Improvement Funds levies. The Levy proposed <br />23 below reflects these work session discussions. Council directed the staff to incorporate the items <br />24 discussed into the 2024 Budget and Levy. Council affirmed the adjustments to the various capital <br />25 levies that are consistent with the long-term capital plans. No increase in the Housing <br />26 Redevelopment Authority (HRA) levy was proposed for 2024. The Levy proposed was provided <br />27 which was a culmination of Council Meetings and Work Sessions discussions to date. <br />28 <br />29 The proposed 2024 overall levy is $9,191,133 which represents an increase of $503,708 or a <br />30 5.80% increase compared to the 2023 overall levy. <br />31 <br />32 The General Fund Budget and Levy details and expenditures and revenues were reviewed. The <br />33 upcoming Budget Meetings include: <br />34 September 12, 2023 City Council Meeting <br />35 October 10, 2023 City Council Work Session <br />36 October 24, 2023 City Council Work Session <br />37 October 24, 2023 City Council Meeting <br />38 <br />39 The final presentation of the 2024 Budget and Property Tax Levy (Truth in Taxation) hearing is <br />40 scheduled for the December 12, 2023 Council Meeting. At the meeting Staff will present a recap <br />41 of the final 2024 Budget and the 2024 Property Tax Levy’s impact on property tax bills. <br />42 <br />43 The Path to the 2024 Tax Levy power point slides were reviewed. A comparison of the 2023 and <br />44 2024 General Fund and Levy was provided, along with slides including Overall Levy by Fund <br />45 Type, 2024 General Fund Revenues, and 2024 General Fund Expenditures. The 2024 Budget <br />46 Cost Drivers include: <br />6