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Capital Fund Levies <br /> <br />The 2024 Capital Improvement Program (CIP) and the 2024 Building Improvement Levies annually <br />proposed increases of $30,000 and $5,000 respectively. The 2024 Infrastructure levy will increase by <br />$5,000. The 2023 Park Improvement levy will increase by $5,000. <br /> <br />Levy <br /> <br />The total for all levies is $9,191,133. The 2024 overall levy increase will be $503,708 or 5.8% percent. A <br />summary of the total levies is as follows: <br /> <br /> 2023 <br />General Fund Levy $5,938,338 <br />CIP Levy $ 368,200 <br />Debt Service Levy $1,926,734 <br />HRA Levy $ 209,414 <br />Building Improvement Levy $ 98,000 <br /> Infrastructure Levy $ 635,447 <br />Park Improvement Levy $ 15,000 <br /> Total $9,191,133 <br /> <br /> <br />In 2024, the median valuation of the single-family home within the City equals $411,250 (Hennepin <br />County portion). The median valuation is the value at which 50% of the homes are valued lower and <br />50% are valued higher. The General Fund Levy of $5,938,338 supports the 2024 cost of providing City <br />services. Therefore, an owner of median valued home in the Village will pay $1,692.69 in Property <br />Taxes for City services. <br /> <br />A breakdown of the cost of City services is: $729 for Police, $329 for Fire, $188 for Public Works, $85 <br />for Parks, $144 for Administration, $85 for Finance and $133 for other various costs. Remaining City <br />taxes are $659 for Streets related debt service, $49 for parks, sidewalks and intersection improvements <br />related debt service; and $158 for the Capital Equipment and Building, Parks and Infrastructure <br />Improvements. Resulting in a total City tax of $2,560 for a median valued home. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />6