HomeMy WebLinkAbout11 06 2023 - 1A 2024 Budget Work Session2024 Preliminary Tax Levy and Budget
November 6, 2023
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2024 Tax Levy and Budget Schedule
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Tax Levy and Budget Schedule
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Budget Reduction of $42k reduces the proposed tax levy from 11.81% to 11.56%.
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2024 Proposed Budgets –
Budget Adjustments
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The growth of wages surpassed that of inflation for the first time since March 2021 in February of 2023.
71% of city budget is personnel costs.
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2024 Base Tax Levy Considerations
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The 2024 proposed tax levy is $18,815,290.
The proposed tax levy increase is $1,951,334 (11.56%)
$644,000 – (1/3 of the tax levy increase) is funding to support the transition to a full-time firefighter staffing model and unfunded mandates.
Components of the 2024 Proposed Tax Levy Change
Total CITY tax levy of $18,815,290 which is an 11.56% increase from the prior year levy. City tax rate estimate of 30.35% (7.9% increase).
Total EDA tax levy of $390,000 which is a 5.41% increase from the prior year levy. EDA tax rate estimate of .64% (2.3% increase)
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Property Tax Projection Summary
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Resident Impact of Proposed City Tax Levy Change
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Resident Impact of City Tax Levy
Median Valued Home
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Tax Levy change for comparable and neighboring cities)
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Comparable Cities
2024 Tax Levy Increase
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2024 Tax Levy and Budget Schedule
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Next Steps
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Anticipated receipt of one-time state aid on December 26
Proposed use of funds by year:
2024: $267,100
2025: $400,000
TBD: $532,900
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Proposed Use of Public Safety
One-Time Funding
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Council Feedback and Direction
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Does the city council have any questions?
Is the city council comfortable with presenting the tax levy at 11.56% for adoption of the final levy on December 4th?
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