City Council Meeting Date: September 17, 2024
To: Mayor and City Council
From: Ben Martig, City Administrator
Brenda Angelstad, Finance Director
Title
Consideration of Resolution Adopting a Proposed 2024 Total Tax Levy Payable in 2025, includes HRA & EDA.
Body
Action Requested:
Council approval of the attached Resolution Adopting a Proposed 2024 Tax Levy Payable in 2025.
Summary Report:
This action is a requirement of State law, which provides that all local governments approve a preliminary tax levy and budget on or before September 30th of each year.
This preliminary levy constitutes the basis for the “Notice of Proposed Taxes” sent to property owners in mid to late November of each year - just prior to the public hearings. The preliminary levy amount sets the maximum limit. For final approval in December, the levy may be reduced, but not increased.
Attached is a resolution for a property tax levy of $17,946,596, which allows for additional funding to support the Parks, Facilities & and Vehicle & Equipment funds.
City Administrator Martig will be giving a presentation for this agenda item under the previous agenda item for the budget adoption. There will be a formal public hearing on the budget and tax levies at a regular meeting on December 3, 2024.
Alternative Options:
None based on prior discussions at the last budget worksession.
Financial Impacts:
The preliminary levy sets the maximum amount we are able to levy. The council may not increase the total levy after September 30 but they may decrease after that point.
Tentative Timelines:
• The preliminary levy must be submitted to the county by September 30, 2024.
• The final levy will be considered for adoption in December 2024, at least after the public hearing on December 3, 2024.