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19 <br />20 2023City Manager Recommended Tax Levy and Impact on Homeowners <br />21 As noted above, the 2023Recommended Budget will require a property tax levy increase of $1,741,210 <br />22 or 7%. This levy increase results inan estimatedproperty tax increaseimpact on the median-valued <br />23 home of $86per year or $7.18more permonth. <br />24 <br />25 The following table depicts the estimated overall impact on a median-valued single-family home based <br />26 onthe City Manager Recommended Levyand the preliminary EDA levy: <br />27 <br />28 <br />29 <br />30 As shown in the table, the estimated overall tax impact is $100.75per month. Utility rates are currently <br />31 under examination and will be presented later in the year. <br />32 P OLICY O BJECTIVE <br />33 The submittal of the City Manager Recommended Budget is required under Mn State Statute 412.701 <br />34 and serves as a means of guiding subsequent budget discusssions as well as communication with citizens <br />35 and other statekholders. <br />36 F INANCIAL I MPACTS <br />37 See aboveand attached information. <br />38 S TAFF R ECOMMENDATION <br />39 See above and attached information. <br />40 R EQUESTED C OUNCIL A CTION <br />41 For information purposes only. No formal Council action is requested, however the Council is asked to <br />42 provide comment and direction in advance of the preparation of the Preliminary Budget and Tax Levy <br />43 adoption scheduled for September 26, 2022. <br />44 <br />Prepared by:Patrick Trudgeon, City Manager <br />Michelle Pietrick, Finance Director <br />Attachments:A:Memo: City Manager Recommended 2023Budget <br />B:2023Recommended Budget: PowerPoint <br />C:2023Recommended Budget: CitywideBy Fund <br />D:2023Recommended Budget: Summary by Function <br />E:2023Recommended Budget: Property Tax-Supported Programs <br />F:2023Recommended Budget: Fee-Supported Programs <br />G:2023Recommended Budget: Reconciliation of Revenue Changes <br />H:2023Recommended Budget: Reconciliation of Expenditure Changes) <br />45 <br />Page 2of 2 <br /> <br />