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07-22-24-SWS
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07-22-24-SWS
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Page 4 of 4 <br /> <br />this plan. <br />Does the Council have any change to where these funds are directed? <br /> <br />CIP Funding Update – Franchise Fees or Levy Increase <br />Included in this budget are franchise fee assumptions of $375,000 annually, estimated to start in <br />2025 to offset debt service for the new fire station. Does the Council want staff to move forward <br />with next steps towards implementing a franchise fee? And if so, what specific details should <br />staff consider (i.e. revenue target, rate class fee structure)? <br /> <br />Additional Funding Mechanisms <br />There are additional funding mechanisms available to cities to take some of the burden off of the <br />property tax levy. Options such as Local Sales Taxes can bring in monies from exempt properties <br />and non-property owners. During the 2023 legislative session, a moratorium was placed on local <br />sales tax authorizations through the 2025 legislative session. <br />Does the Council want staff to begin exploring additional funding mechanisms such as <br />Local Sales Tax? <br /> <br />Budget Impact <br />The Council should review the estimated fund balances and funding sources with special attention <br />given to the Equipment/Building Replacement and Public Safety Capital Funds. <br /> <br />When considering what tax levy increases are needed to support the capital funds, it should be <br />noted that preliminary results of department submissions and other assumptions have the General <br />Fund expenditures increasing by $502,771, which would equate to a 9.5% levy increase. This is <br />without taking into account any changes to the revenue budget from 2024. Attachment C gives a <br />preliminary snapshot of the increases being considered for the General Fund. <br /> <br />Attachments <br />Attachment A: PowerPoint Overview of Capital Improvement Plan <br />Attachment B: Capital Improvement Plan <br />Attachment C: Preliminary expenditure increases for 2025 General Fund Budget <br />Attachment D: Equipment Replacement Guidelines <br />
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