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37 The overall 2021 Proposed Budget is $62,870,945, an increase of $815,240 from the previous year. The <br />38 budget for the property tax supported programs is $38,476,980, an increase of $651,810 from the previous <br />39 year or 1.7%. Increase is mainly due to the new positions noted above. A summary of the 2021 <br />40 Recommended Budget is included in Attachment D. <br />41 <br />42 Property owners will also see a decrease inproperty taxes through the EDA levy. There could also be a <br />43 decrease in utility fees depending on the option the City Council approves. The combined impact on a <br />44 median-valued single family home is depicted in the table below. <br />45 <br />2021 Tax Impact on Median-Valued Home (monthly) <br />20202021Change <br />Property Tax: City$ 86.49$ 85.04 $ (1.45) <br />Property Tax: EDA$ 1.93$ 1.77$ (0.16) <br />$ 88.42$ 86.81 $ (1.61) <br />2021 Impact on Median-Valued Home (monthly) <br />Water Utility Model Options and Combined Tax Impact <br />Existing <br />Utility 2021 Ehlers 2021 Ehlers <br />Rate Utility Utility Rate <br />2020Structure RateOption 1Option 2 <br />Utility Rates$ 60.60$ 66.48 $ 53.46 $ 55.81 <br />Combined City and EDA Levy$ 88.42$ 86.81 $ 86.81 $ 86.81 <br />Combined Total$ 1 49.02$ 153.29$ 140.27$ 142.62 <br />$ Change per month$ 4.27$ (8.75)$ (6.40) <br />% Change2.87%-5.70%-4.56% <br />46 <br />47 <br />48 As shown in the table, a median-valued home that has average household water usage will see a reduction <br />49 of $8.75 or $6.40 per month depending on whether option 1 or option 2 is approved by the council. <br />50 <br />51 P OLICY O BJECTIVE <br />52 Adoptin the final budget and tax levy is required under Minnesota State Statutes. <br />53 F INANCIAL I MPACTS <br />54 See above. <br />55 S TAFF R ECOMMENDATION <br />56 Staff Recommends the Council adopt the final 2020 Tax Levy and Budget as outlined in this report <br />57 and in the attached resolutions. <br />58 R EQUESTED C OUNCIL A CTION <br />59 The Council is asked to take the following separate actions: <br />60 a) Motion to approve the attached Resolution to adopt the 2021 Final Tax Levy <br />61 b) Motion to approve the attached Resolution to adopt the 2021 Final Debt Levy <br />Page 3 of 10 <br /> <br />