|
For the seventh consecutive year, the City will not increase its Debt Service Levy. As in previous years,
<br />staff is reviewing available funds in the debt service funds to reduce the levy amount. The City’s original
<br />scheduled 2026 debt levy was $2,189,805.77, $350,297.50 in available funds have been applied to lower
<br />the levy to $1,839,508.27. This allows for an infrastructure fund levy of $722,672.73, maintaining the
<br />combined total of $2,562,181 consistent with prior years. The infrastructure fund balance is intended to
<br />reduce future debt issuances and support stable levy levels over time. The breakdown below
<br />demonstrates how the increase in the debt levy produces a corresponding decrease in the infrastructure
<br />levy to keep the total debt and infrastructure combined levy consistent with previous years. Any
<br />additional cost savings that become available to reduce the debt levy prior to the levy certification will
<br />equally increase the infrastructure levy.
<br />2025
<br />Increase
<br />(Decrease)2026
<br />Debt Levy 1,458,695$ 380,813$ 1,839,508$
<br />Previously Existing Infrastructure Levy 75,000 -75,000
<br />Infrastructure levy transitioned increase 1,028,486 (380,813)647,673
<br />Infrastructure levy 1,103,486 (380,813)722,673
<br />Combined Street Improvement Levies 2,562,181$ -2,562,181$
<br />This plan decreases future debt levy amounts, and allows the infrastructure fund balance to grow,
<br />positioning the City to finance smaller future projects with available cash rather than issuing new debt.
<br />The figure below illustrates how, assuming project scope and costs remain stable, the infrastructure
<br />fund balance could increase enough to support smaller future projects without borrowing.
<br />Levy Year Debt levy
<br />Infrastructure
<br />Levy -Road
<br />Construction Total
<br /> Combined
<br />$ change
<br />in Levy
<br /> Combined
<br />% change
<br />in Levy
<br />Amount
<br />Levied less
<br />prior bond
<br />Eliminations
<br />Scheduled
<br />bond
<br />amount
<br />Bond
<br />Amount
<br />Eliminated Bond Year Bond Impact
<br />2020 2,487,181 -2,487,181 -0%
<br />2021 2,487,181 -2,487,181 -0%
<br />2022 2,487,181 -2,487,181 -0%
<br />2023 2,487,181 -2,487,181 -0%
<br />2024 1,926,734 560,447 2,487,181 -0.00%
<br />2025 1,458,695 1,028,486 2,487,181 -0.00%1,588,932 3,041,371 122,270 2025 BOND REDUCED 4%
<br />2026 1,677,089 810,092 2,487,181 -0.00%
<br />2027 2,023,186 463,994 2,487,181 -0.00%
<br />2028 1,896,546 590,634 2,487,181 -0.00%3,331,382 3,535,000 960,000 2028 BOND REDUCED 27%
<br />2029 1,862,047 625,133 2,487,181 -0.00%
<br />2030 1,788,505 698,675 2,487,181 -0.00%3,695,191 3,603,000 800,000 2030 BOND REDUCED 22%
<br />2031 1,723,594 763,586 2,487,181 -0.00%
<br />2032 1,660,995 826,186 2,487,181 -0.00%4,484,963 3,620,000 750,000 2032 BOND REDUCED 21%
<br />2033 1,601,686 885,494 2,487,181 -0.00%
<br />2034 1,496,576 990,605 2,487,181 -0.00%5,611,062 3,109,000 1,400,000 2034 BOND REDUCED 45%
<br />2035 1,300,824 1,186,356 2,487,181 -0.00%
<br />2036 1,420,751 1,066,430 2,487,181 -0.00%6,463,848 3,844,000 1,410,000 2036 BOND REDUCED 37%
<br />2037 1,031,874 1,455,307 2,487,181 -0.00%6,509,155 Infrastructure fund balance availabe
<br />2038 955,633 1,531,547 2,487,181 -0.00%8,040,702
<br />2039 1,169,970 1,317,211 2,487,181 -0.00%9,357,913
<br />2040 1,239,382 1,247,799 2,487,181 -0.00%10,605,712
<br />2041 1,234,464 1,252,717 2,487,181 -0.00%11,858,429
<br />2042 1,397,030 1,090,151 2,487,181 -0.00%12,948,580
<br />Transition of Debt Levy to Infrastruture Levy Use of Infrastructure Levy
<br />7
|