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21 2021 City Manager Recommended Tax Levy and Impact on Homeowners <br />22 As noted above, the 2020 Recommended Budget will require a property tax levy increase of $897,089 or <br />23 3.96% This levy increase results in property tax decrease impact on the median-valued home of $6.60 <br />24 per year or $0.55per month. Additional impacts on residents will be felt due to the EDA Levy and Utility <br />25 Rates. <br />26 <br />27 The following table depicts the estimated overall impact on a median-valued single-family home based <br />28 onthe City Manager Recommended Levy, the preliminary EDA levyand the tentatively projected5.2% <br />29 overall utility rate impact: <br />30 <br />2021 Budget Impact on Median-Valued Home (monthly) <br />20202021$ Chg.% Chg. <br />Property Tax Levy: City$ 94.30 $ 93.75 $ (0.55)-0.6% <br />Property Tax Levy: EDA 1.93 1.64 (0.29)-15.3% <br />Utility Rates 60.60 63.80 3.20 5.3% <br />Combined Total$ 156.83 $ 159.19 $ 2.36 1.5% <br />31 <br />32 <br />33 As shown in the table, the estimated overall impact for all budget-related programs is $2.36 per month, <br />34 an increase of 1.5%. <br />35 P OLICY O BJECTIVE <br />36 The submittal of the City Manager Recommended Budget is required under Mn State Statute 412.701 <br />37 and serves as a means of guiding subsequent budget discusssions as well as communication with citizens <br />38 and other statekholders. <br />39 F INANCIAL I MPACTS <br />40 See above and attached information. <br />41 S TAFF R ECOMMENDATION <br />42 See above and attached information. <br />43 R EQUESTED C OUNCIL A CTION <br />44 For information purposes only. No formal Council action is requested, however the Council is asked to <br />45 provide comment and direction in advance of the preparation of the Preliminary Budget and Tax Levy <br />46 adoption scheduled for September 23, 2019. <br />47 <br />Prepared by: Patrick Trudgeon, City Manager <br /> Michelle Pietrick, Finance Director <br /> <br />Attachments: A: Memo: City Manager Recommended 2021 Budget <br /> B: 2021 Recommended Budget: PowerPoint <br /> C: 2021 Recommended Budget: Citywide <br /> D: 2021 Recommended Budget: Property Tax-Supported Programs <br /> E: 2021 Recommended Budget: Fee-Supported Programs <br /> F: 2021 Recommended Budget & Tax Levy Reconciliation for the Property Tax-Supported Programs <br /> G: 2021 Recommended Budget: Rev & Exp Summary by Division (Function) <br />48 <br /> <br />Page 2 of 2 <br /> <br />