Resolution adopting the Preliminary Property Tax Levy payable in 2025.

Adoption of one of the attached resolutions.

During the August 26 initial preliminary budget overview, members of the City Council asked staff to provide additional levy increases for the City Council to consider. In addition to the initial payable 2025 levy consideration of 3%, staff also formulated three additional options for the City Council to consider, including increases of 3.5%, 4%, 4.5%.
 

• The City Council has discussed the 2025 Budget Document.
• The City Council has been presented information regarding the General fund, Debt Service fund, Transit fund, & Economic Development fund tax levies.  
• The proposed Tax Levy Options for 2025 are listed in the table below.

Levy Increase %	Additional Levy Raised	Approximate Tax Rate	Total Levy Amount	Pay 2025 Median Residential Valuation	Increase from Prior Year
3	$ 723,095	39.22 %	$24,826,264	$ 315,000	$ 7
3.5	$ 843,611	39.41 %	$24,946,780	$ 315,000	$ 13
4	$964,127	39.61 %	$25,067,296	$ 315,000	$ 18
4.5	$1,084,643	39.80 %	$25,187,812	$ 315,00	$ 24

 

• The proposed tax rates to be considered for 2025 are: 39.22 %; 39.41 %; 39.61%; or 39.80%.
• The estimated tax capacity for 2024 (paid in 2025) is $63,292,849.
• The growth in estimated tax capacity is $74,367.  
• The rate of growth in estimated tax capacity is 0.1%.
• The proposed levy increases to be considered are: 3%; 3.5%; 4%; or 4.5%.
• The General Fund Levy has been presented to be considered at either: $20,220,964; $20,341,480; $20,461,996; or $20,582,512.
• The Debt Service Fund Levy has been presented at $3,825,300.  
• The Transit Fund Levy has been presented at $415,000.  
• The EDA Fund Levy has been presented at $365,000.  
• The total levy has been presented to be considered in the following amounts: $24,826,264; $24,946,780; $25,067,296; or $25,187,812.
• The Preliminary Levy for FY 2025 must be certified by September 30, 2024, to both Blue Earth and Nicollet counties.
• The Preliminary Levy may be decreased at a future date; however, it may not be increased.
• The Public Hearing for the Proposed Final Budget is scheduled for Monday, December 2, 2024.