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<br />REQUEST FOR COUNCIL ACTION <br />Date: 9/23/2024 <br />Item No.: 7.b. <br />Department Approval City Manager Approval <br /> <br /> <br />Item Description: Adopt a Preliminary 2025 Tax Levy and Budget <br />1 <br />2 Background <br />3 At the February 12, 2024, City Council meeting, the Council established a general timeline for the 2025 <br />4 budget process including the following key dates: <br />5 <br />6 <br />7 <br />8 The next step in the 2025 Budget Process is to adopt a preliminary 2025 Tax Levy and Budget. <br />9 <br />10 State Statute requires all cities in excess of 2,500 in population, to adopt a preliminary tax levy by <br />11 September 30th for the upcoming fiscal year. Once the preliminary levy is adopted, it can be lowered, <br />12 but not increased. Accompanying the preliminary tax levy, the City has also historically adopted a <br />13 preliminary Budget which establishes the need for a tax levy. <br />14 <br />15 The adoption of a preliminary tax levy and budget does not preclude further review. As noted in the table <br />16 above, additional budget-related discussions will be held later this year leading up to the adoption of <br />17 the final 2025 Tax Levy and Budget tentatively scheduled for December 2, 2024. <br />18 <br />19 Under State Statutes, municipalities with an established Economic Development Authority (EDA) are <br />20 allowed to establish a separate property tax levy that is designated for economic development purposes. <br />21 <br />22 State Statute requires the preliminary EDA levies to be adopted by September 30th for the upcoming <br />Page 1 of 4 <br />Qbhf!47!pg!345 <br /> <br />