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AGENDA RECOMMENDATION |
3.A.
Public Budget Hearing
- Meeting Date:
- 12/02/2024
Agenda Item:
2025 City Budget and Property Tax Levy Presentation
- Resolution adopting 2024 Property Tax Levy payable in 2025
- Resolution adopting 2025 City Operating Budget
- Resolution adopting 2025 Fee Schedule
- Resolution adopting 2025 Community Investment Plan (CIP) Budget
Recommendation/Action(s):
Adoption of the attached resolutions.
Summary:
1. Resolution adopting the 2024 Property Tax Levy payable in 2025
The City Council has reviewed the property tax levy in the service-based budget work sessions. The city service levels and the relationship to the General fund, Debt Service fund, and Transit fund were discussed. This amount represents an overall levy increase of 4%.
The recommended Property Tax Levy for FY 2025 is $25,067,296
2. Resolution adopting the 2025 City Operating Budget
The City Council reviewed the preliminary service budget in a series of work sessions.
The Operating Budget is estimated at $162,424,633.42 and is based upon our core services, secondary services, and livability services. The resolution presented reflects balanced budgets for all funds. This resolution will be considered as the Final Budget upon passage.
3. Resolution adopting the 2025 Fee Schedule
The current fees were reviewed by departments and the City Manager. Some fees are proposed to be increased based on market rates, costs incurred and compared to other similar cities.
4. Resolution adopting the 2025 Community Investment Plan (CIP) Budget
The City Council has reviewed and discussed the Community Investment Plan (CIP). The CIP covers budgeted capital projects over the next five-year period (2025 through 2029). It provides the framework for proposed capital spending and serves as a financial planning document for future Surface Transportation and Street Improvement Bond and other Capital Improvements as identified in the CIP. The preliminary costs are anticipated to be $48,156,323.
Upon passage, this will be considered the Final CIP Budget.
Based upon Budget Work Session input, the following Surface Transportation projects are planned for FY 2025:
The City Council has reviewed the property tax levy in the service-based budget work sessions. The city service levels and the relationship to the General fund, Debt Service fund, and Transit fund were discussed. This amount represents an overall levy increase of 4%.
The recommended Property Tax Levy for FY 2025 is $25,067,296
| General Fund | $20,461,996 |
| Debt Service Fund | $3,825,300 |
| Transit Fund | $415,000 |
| Economic Development Fund | $365,000 |
2. Resolution adopting the 2025 City Operating Budget
The City Council reviewed the preliminary service budget in a series of work sessions.
The Operating Budget is estimated at $162,424,633.42 and is based upon our core services, secondary services, and livability services. The resolution presented reflects balanced budgets for all funds. This resolution will be considered as the Final Budget upon passage.
3. Resolution adopting the 2025 Fee Schedule
The current fees were reviewed by departments and the City Manager. Some fees are proposed to be increased based on market rates, costs incurred and compared to other similar cities.
4. Resolution adopting the 2025 Community Investment Plan (CIP) Budget
The City Council has reviewed and discussed the Community Investment Plan (CIP). The CIP covers budgeted capital projects over the next five-year period (2025 through 2029). It provides the framework for proposed capital spending and serves as a financial planning document for future Surface Transportation and Street Improvement Bond and other Capital Improvements as identified in the CIP. The preliminary costs are anticipated to be $48,156,323.
Upon passage, this will be considered the Final CIP Budget.
Based upon Budget Work Session input, the following Surface Transportation projects are planned for FY 2025:
- 2025 Resurfacing, Sidewalks, Alleys
- Germania Park Phase 5
- Land of Memories Trail
- Petition, Expansion, and Major Streets
- Plaum Street
- Sidewalk Improvements
- Victory Drive Phase 2
- West 7th Street
- Woodshire Dr
Attachments
- Resolution - Property Tax Levy
- Sources and Uses
- Resolution - Operating Budget
- Resolution - Fee Schedule
- Fee Schedule
- Resolution - CIP Budget