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MEMORANDUM To: City of Saint Anthony Village City Council From: Deborah Maloney, Finance Director and Charlie Yunker, City Manager Date: August 27, 2024 City Council Meeting Request: 2025 Preliminary Levy & General Fund Budget BACKGROUND On June 11th a revised Street Improvement schedule was presented for the City Council’s consideration of 2025 improvements that included street reconstruction and limited mill and overlay improvements and staff presented the future Street improvement plan that reflected extensive mill and overlay project for 2024 and 2025 and the resulting impact on the 2025 debt service levy. At the June 25th City Council work session, the City Council and staff reviewed the updated Street Improvement schedule and its impact on the 2025 Debt Levy. The Debt Levy provides funding for 2025 debt service payments for the Road Improvement debt, Lease Revenue debt (city buildings) and the Tax Abatement debt (parks and sidewalks). The proposed 2025 Debt Levy will be part of the requested approval of the Preliminary Levy for 2025 at the September 10th City Council Meeting. At the July 9th work session, Staff provided the City Council with an early projection regarding the overall levy and General Fund Budget based on known cost increases and inflationary assumptions. Staff continued to analyze actual costs with new information provided by vendors, contractual service providers, and labor negotiation developments and presented an updated overall levy scenario and a detailed 2025 General Fund budget at the August 15th 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 2025 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 2025. The Levy proposed below reflects the culmination of Council meetings/works sessions discussions to date. The proposed 2025 overall levy is $9,601,511, which represents an increase of $410,378 or a 4.46% increase compared to the 2024 overall levy. 2024 $ Change 2025 % Change General Fund 5,938,338$ 317,878$ 6,256,216$ 5.35% HRA Fund 209,414 - 209,414 0.00% CIP Fund 368,200 60,000 428,200 16.30% Combined Debt Service & Infrastructure Funds 2,562,181 - 2,562,181 0.00% Building Improvement Fund 98,000 17,500 115,500 17.86% Park Improvement Fund 15,000 15,000 30,000 100.00% Total 9,191,133$ 410,378$ 9,601,511$ 4.46% 19