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REQUEST FOR COUNCIL ACTION <br /> Date: June 20, 2023 <br /> Item No.: 7.e <br />Department Approval City Manager Approval <br /> <br />Item Description: Review 2024 Changes in Property Tax Base, Legislative Changes and discussion <br />on City Council 2024 Budget Goals <br /> <br />Page 1 of 5 <br />BACKGROUND 1 <br />At the May 8, 2023 City Council meeting, the Council established a general timeline for the 2024 budget 2 <br />process including the following key dates: 3 <br /> 4 <br /> 5 6 <br />The next step in the 2024 Budget Process is to review the general budgetary impacts resulting from 7 <br />changes in the City’s property values, the 2023 Legislative Session, and other contributing factors. They 8 <br />are discussed in separate sections below. 9 <br /> 10 <br />Impacts Due to Changes in Property Values & Tax Base 11 <br />The Ramsey County Assessor’s Office posted its annual Report on Assessed Market Valuations to their 12 <br />website in April 2023. It is an interactive website and they are no longer issuing a printable report. 13 <br />Highlights of the Report are shown in the following chart: 14 <br /> 15 <br />2024 Budget Process Timeline Date <br />Discussion on Preliminary Cash Reserve Levels 3/13/2023 <br />Establish 2024 Budget Process Calendar 5/8/2023 <br />Discussion on 2024 Legislative Impacts & City Council Priorities 6/20/2023 <br />Presentation of the 2024-2043 Capital Improvement Plan 7/17/2023 <br />EDA Budget & Tax Levy Discussion 7/17/2023 <br />Receive the 2024 City Manager Recommended Budget to inlcude-8/21/2023 <br /> Tax Base Changes <br />Receive Budget Recommendations from the Finance Commission 9/18/2023 <br />Adopt Preliminary 2024 Budget, Tax Levy, & EDA Levy 9/25/2023 <br />Review 2024 Proposed Utility Rates 11/6/2023 <br />Review 2024 Fee Schedule 11/6/2023 <br />Final Budget Hearing (Truth-in-Taxation Hearing)11/27/2023 <br />Adopt Final 2024 EDA Tax Levy 12/4/2023 <br />Adopt Final 2024 Budget, Tax Levy, Utility Rates, & Fee Schedule 12/4/2023