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Request for Action <br />To Item Number <br />Ma Tor and CinT Council 8.1 <br />Agenda Section Meeting Date Prepared by <br />GeneYal Business September 18, 2023 Lori Stich, Finance ManageY <br />Item Description Reviewed by <br />Set Budget Meeting Date and Adopt 2024 oe Stremcha, Assistant Ci T Administrator <br />Preliminary Tax LevyT Reviewed by <br />Cal Portner, Ci r Administrator <br />Action Requested <br />Set, b�T motion, the budget meeting for public comment to be on Monda�T, December 4, 2023, at 6:30 p.m. <br />Adopt, byT motion, a resolution authorizing the preliminaryT propertyT tax levyT for collection in 2024. <br />Discussion <br />The Council must approve the preliminaryT tax levyT for certification to the countyT auditor byT September 30, 2023. <br />The attached levyT resolution sets the preliminary tax lev�T at $16,641,082, compared to the $15,094,9561ev�T for 2023. <br />The General Fund budget is currentl�T $21,557,350, `vhich is a 5.3% increase over the 2023 budget of $20,490,000. <br />The preliminaryT tax levyT is the ma�mum levyT amount and will be used to formulate the truth in taxation notices that <br />will be sent out by the countyr lateY this fall. The cityr's final adopted levyr can be less but cannot exceed the <br />preliminaryT levyT amount. <br />Staff will continue to review and evaluate opportunities for reductions based on additional information received over <br />the next several months to finalize the budget for adoption on December 4, 2023. <br />Financial Impact <br />Cityr of Elk RiveY pYopeYtyr tax levyr foY collection in 2024. <br />Mission/Policy/Goal <br />The city-'s mission is to grow responsibl�T and be good stewards for everyT dollar to develop a sustainable and <br />prosperous communityT. <br />Attachments <br />■ Resolution Adopting the 2024 PreliminaryT Tax Le`�yT <br />■ 2024 preliminary tax levyT/rate <br />The Elk River Vision <br />A 2a�elcolning co�nlnunity 2a�ith T evolutiona� y and spizzted T esou� cefulness, exceptional <br />se�vice, and coln�nunity engagelnent that encou�ages and ins�iz•es pTo�pe�zty. <br />PowEREo ar <br />�I'1 ���� <br />Up�iited.• August 2020 <br />