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51 Property owners of a median-valued home will see a decrease in property taxes through the EDA levy. <br />52 There will also be increases in utility fees to cover increased costs. The combinedimpact on a median- <br />53 valued single family home is depicted in the table below. <br />54 <br />55 <br />56 <br />57 The above chart assumes 8% increase in the water utility rates. <br />58 <br />59 As shown in the table, a median-valued home that has average household water usage will see an increase <br />60 of $13.45 per month in 2023 for both property taxes and utility costs. This represents 8.8% increase. <br />61 P OLICY O BJECTIVE <br />62 Adopting the final City budget, City tax levyand EDA tax levy is required under Minnesota State <br />63 Statutes. <br />64 F INANCIAL I MPACTS <br />65 See above. <br />66 S TAFF R ECOMMENDATION <br />67 Staff Recommends the Council adopt the final 2023 Tax Levy and Budget as outlined in this report <br />68 and in the attached resolutions. <br />69 R EQUESTED C OUNCIL A CTION <br />70 The Council is asked to take the following separate actions: <br />71 a)Motion to approve the attached Resolution to adopt the 2023 Final City Tax Levy <br />72 b)Motion to approve the attached Resolution to adopt the 2023 Final Debt Levy <br />73 c)Motion to approve the attached Resolution to adopt the 2023 Final Budget <br />74 d)Motion to approve the attached Resolution to adopt the 2023 Final EDA Tax Levy <br />75 <br />Prepared by:Michelle Pietrick, Finance Director <br />Attachments: A:Resolution to adopt the 2023 Final City Tax Levy <br />B:Resolution to adopt the 2023 Final Debt Levy <br />C:Resolution to adopt the 2023 FinalCityBudge <br />D:Resolution to adopt the 2023 Final EDA Tax Levy <br />E: Summary of the 2023 Recommended City Budget & Tax Levy <br />F:Power point presentation <br />76 <br />Page 3 of 3 <br /> <br />