11.2 SR 09-05-2023 - Laserfiche WebLink

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Request for Action To Item Number Mayor and City Council 11.2 Agenda Section Meeting Date Prepared by Work Session September 5, 2023 Lori Stich, Finance Manager Item Description Reviewed by 2024 Budget Joe Stremcha, Assistant City Administrator Reviewed by Cal Portner, City Administrator Action Requested Continue 2024 budget discussion. Background/Discussion As of the August 14 budget work session, the 2024 General Fund Budget was $21,688,450 and is currently $21,577,350, after removing the Agenda Management Software ($11,500) and one of the Street Maintenance Operator II positions and associated expenditures ($99,600). Personal Services account for 76% of the General Fund Budget supported with a General Fund tax levy of $15,421,450, which comprises 71% of the General Fund revenues. Preliminary Net Tax Capacity (NTC) values are estimated at $43,206,785, about a 14% increase. With the estimated 14% NTC increase, the preliminary tax rate, with fully funded debt service levies, would be about 38.772%, -- less than the 2023 tax rate of 39.7007%. On September 18, the Council will adopt the maximum Preliminary Tax Levy for taxes payable 2024. The Final Tax Levy will be adopted in December and can be the same or lower, but cannot be greater, than the Preliminary Tax Levy. Following is a comparison of the surrounding communities COLA and levy increase: Prelim Levy City COLA Increase Albertville 4.90% 6.51% Becker 4% 3.46% Big Lake 3% 4.88% Buffalo 5% 11.50% Dayton 4% 23% Hanover 3-5% 11% Monticello 4% 8% Otsego 4.25% + Market Rate 15-24% Rogers 4.50% 20-25% St. Michael 4% 8.50% The Elk River Vision P 0 W E e E 0 0 V A welcoming community rvitb revolutionary and spirzted resourcefulness, exceptional NATURE service, and community engagement that encourages and inspires prosperz[ Updated. August 2020