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Long-term Debt. At the end of the current fiscal year, the City had total bonded debt outstanding of $2,270,000. While all <br />faith and credit of the City. <br />City of CentervilleOutstanding Debt <br /> <br /> <br />3A Refunding bond being paid off in 2021. <br />long-term debt can be found in Note 3D starting on page 58 of this report. <br /> <br />The area economy continues to show signs of improvement. Property values for taxes payable in 2022 increased by 3.5%. <br /> <br />payable in 2022. The tax capacity rate went from 51.059 to 51.430 for a 1.3% increase due to a drop in <br />commercial/industrial tax base. Most taxpayers realized an increase on average of 4.9% in City property taxes as a result <br />of the increased value of their properties and the increased City levy. <br /> <br />The increase in General fund expenditures, in the amount of $132,547, was primarily related to an increase of $75,700 in <br />salaries with the addition of an Assistant City Administrator position and $15,000 in additional recycling professional <br />services. <br />The debt service levy was decreased by $49,391 for taxes payable in 2022 due to reduced levy requirements for several <br />bond issues. The debt service levy is anticipated to be again reduced in 2023 because the city refinanced the 2013A GO <br />Improvement Bonds. <br />Requests for Information <br />This financial report is designed to provide a general overview of the Citparties interested. Questions <br />concerning any of the information provided in this report or requests for additional financial information should be <br />addressed to the City Administrator, City of Centerville, 1880 Main Street, Centerville, Minnesota, 55038. <br />25 <br /> <br />