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99 Tax Levy and Impact on Homeowners <br />loo A summary of the tax levy impact on homeowners based on the Recommended Budget is presented <br />1 of below. In an effort to provide added insight not only on the 2014 Budget but also future budgets, a 7- <br />102 year projection of the tax levy is shown below. The 7 -year period coincides with the same period <br />1 n� referenced in the recommendations set for the by the City Council and CIP /Budget Committee. <br />�u4 <br />105 Proposed Tax Levy & Estimated Impact <br />106 <br />107 <br />108 <br />109 <br />110 <br />111 <br />112 <br />113 <br />114 <br />115 <br />116 <br />117 <br />118 <br />119 <br />120 <br />121 <br />122 <br />123 <br />124 <br />Levy Purpose <br />2013 <br />2014 <br />2015 <br />2016 <br />2017 <br />2018 <br />2019 <br />2020 <br />Operations (a) <br />$ 12,543,826 <br />$ 12,742,721 $ <br />13,54003 $ <br />13,946,203 $ <br />14,364,589 $ <br />14,795,526 $ <br />15,239,392 $ <br />1506,574 <br />Capital (b) <br />1,58600 <br />1,5861000 <br />1,79600 <br />2,1061000 <br />226600 <br />2,7611000 <br />2,96100 <br />3,611,000 <br />Debt (c) <br />3114000 <br />3,7001000 <br />3148000 <br />3,3301000 <br />3133000 <br />3,0551000 <br />2199500 <br />2,2301000 <br />Total $ <br />17,2691826 $ 1810281721 $ <br />1818161003 $ <br />1913821203 $ <br />19,9601589 $ <br />2016111526 $ <br />2111951392 $ <br />2115371574 <br />$ Levy Increase <br />- $ 7589895 $ <br />787282 $ <br />5661200 $ <br />578,386 $ <br />6501938 $ <br />583,866 $ <br />3429182 <br />% Levy Increase <br />- 4.4% <br />4.4% <br />3.0% <br />3.0% <br />3.3% <br />2.8% <br />1.6% <br />Monthly Impact (d) - $ 4.47 $ 3.26 $ 2.34 $ 2.39 $ 2.69 $ 2.41 $ 1.42 <br />% Increase 7.3% 5.0% 3.4% 3.4% 3.7% 3.2% 1.8% <br />2014 Property Tax Impact: <br />•:� Under the 2014 Recommended Budget, the monthly impact on amedian- valued home <br />will be $4.47 per month. Only $0.83 of this amount is for day -to -day operations. The <br />remaining is for debt service. <br />•'• In total, a median valued home will pay approximately $65 per month in property <br />taxes. This is comparable to what that same home will pay independently for gas, <br />electric, mobile phone, and internet connectivity. <br />•'• This 7 -year tax levy projection demonstrates that the City is nearing a period of <br />stability that will allow for inflationary -type increases moving forward in order to <br />maintain current service levels. However, if the Council establishes new programs or <br />initiatives, additional taxes will be likely. <br />125 POLICY OBJECTIVE <br />12 Not applicable. <br />127 FINANCIAL IMPACTS <br />128 See above. <br />129 STAFF RECOMMENDATION <br />130 Staff Recommends the Council provide further direction on the 2014 Budget to allow for advanced <br />131 planning of resource allocations. <br />Page 4 of 5 <br />