8.1 SR 09-16-2024 - Laserfiche WebLink

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City of Elk - River To City Council Meeting Date September 16, 2024 Request for Action Item Number 8.1 Prepared By Lori Stich, Finance Manager Item Description Reviewed by Set Budget Meeting Date and Adopt Resolution 24- Joe Stremcha 55 Preliminary 2025 Tax Levy Cal Portner Tina Allard Action Requested ■ Set, by motion, the budget meeting for 6:30 p.m., December 2, 2024, when public comment will be taken. ■ Adopt, by motion, Resolution 24-55 authorizing the preliminary property tax levy for collection in 2025 Background/Discussion The Council must approve the preliminary tax levy for certification to the county auditor by September 30, 2024. The attached levy resolution sets the preliminary tax levy at $17,332,183, compared to the $16,137,332 levy for 2024. The General Fund budget is currently $22,474,100, which is a 4.2% increase over the 2024 budget of $21,570,600. Preliminary Net Tax Capacity (NTC) values are estimated at $43,298,194, about a 1.7% increase. With the estimated 1.7% NTC increase, the preliminary tax rate, with fully funded debt service levies, would be about 40.030%. The preliminary tax levy is the maximum levy amount and will be used to formulate the truth in taxation notices that will be sent out by the county later this fall. The city's final adopted levy can be less but cannot exceed the preliminary levy amount. Staff will continue to review and evaluate opportunities for reductions based on additional information received over the next several months to finalize the budget for adoption on December 2, 2024. Financial Impact N/A The Elk River Vision A avelcoming community with revolutionary and spirited resourcefulness, exceptional service, and community p p W E H E 0 B INAALWIDY engagement that encourages and inspires prosperity 381