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19 Under State Statutes, municipalities with an established Economic Development Authority (EDA) are 20 allowed to establish a separate property tax levy that is designated for economic development purposes. 21 22 State Statute requires the preliminary EDA levies to be adopted by September 30th for the upcoming 23 fiscal year. Once the preliminary levy is adopted it can be lowered, but not increased.The final EDA levy 24 is scheduled to be adopted on December 5, 2022. 25 26 2023 Recommended Tax Levy & Budget 27 The City Council received the 2023 City Manager Recommended Tax Levy and Budget on August 22, 28 2022. This was followed by a recommendation from the Finance Commission on September 19, 2022. 29 The information presented below refers to the City Manager recommended amounts as amended. 30 31 The 2023 Recommended Tax Levy is $26,606,754, an increase of $1,741,210 or 7.0%. The impact on 32 residents will vary depending on the property’s value and change in value relative to other properties in 33 the city. For comparison purposes staff provides what the impact of this levy will on the median valued 34 home in Roseville. According to Ramsey County, the median value of a Roseville single-family home 35 rose 13.2% from 2022 ($296,500) to 2023 ($335,400). For 2023, the median-valued home of $335,400 36 can expect to pay approximately $101.75 per month; which is an increase of $9.83 or 10.7%, per month 37 from 2022 taxes, based on latest market value data from Ramsey County. These impacts are slightly 38 higher from what was presented by the City Manager in August due to receiving more complete city- 39 wide valuation from Ramsey County. 40 41 This is independent of the impacts that will result from a lower EDA Levy. The combined effect of the 42 City and EDA levy (as recommended) is depicted in the table below. 43 2023 ESTIMATED Budget Impact on Median-Valued Home (monthly) 20222023$ Chg.% Chg. Property Tax Levy: City$ 91.90$ 101.75 $ 9.85 10.7% Property Tax Levy: EDA 1.79 1.71 (0.09)-5.1% Combined Total$ 93.69$ 103.46 $ 9.76 10.4% 44 45 46 The overall 2023 City Manager Recommended Budget, excluding the EDA and after capital outlay 47 adjustment is $61,493,240, which is an increase of $3,122,971. This increase is the result of $1 million 48 investments in capital equipment and infrastructure; $1.6 million invested in personnel costs and other 49 inflationary costs. A reduction of $1,897,000 was made in the utility funds capital outlay expenditures 50 since the presentation of the budget in August. More details on specific changes are noted in the City 51 Manager’s Budget memo which is included in Attachment E. 52 53 At the September 19, 2022 City Council meeting, the Finance Commission presented a recommendation 54 to request that the property tax levy increase be lowered to 6 or 5% by using reserves. 55 56 Attachment H shows estimated impacts on various valued homesteaded single family residential 57 properties. 58 59 A summary and reconciliation of the 2023 Recommended Tax Levy & Tax-Supported Budget is included 60 in Attachment F along with the detailed 2023 Budget. This budget and reconciliation reflects the 61 $1,897,000 in reduced capital outlay expenditures in the Water, Sewer, and Storm Utility Funds that was Page 2 of 3