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<br />REQUEST FOR COUNCIL ACTION <br />Date: 12/2/2024 <br />Item No.: 7.a. <br />Department Approval City Manager Approval <br /> <br /> <br />Item Description: Adopt Final 2025 City Budget, CIP and Tax Levy for City and EDA <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 State Statute requires all cities in excess of 2,500 in population, to adopt a final tax levy by December <br />9 30th for the upcoming fiscal year. The final levy amount must not exceed the preliminary levy that was <br />10 established in September. However, the Council has discretion in modifying the budget at any <br />11 time. The City Council is now asked to adopt a final 2025 City Budget, 2025 Capital Improvement Plan, <br />12 Final 2025 Tax Levy for the City and EDA. <br />13 <br />14 At the September 23, 2024, City Council meeting, the Council adopted a 2025 preliminary, not-to- <br />15 exceed tax levy and a preliminary City budget. A summary is presented below. <br />16 <br />17 2025 Proposed Tax Levy & Budget <br />18 The 2025 Proposed Budget & Tax Levy approved September 23, 2024, called for a city tax levy of <br />19$30,352,603, an increase of $1,567,323 or 5.44% over last year. That is the current recommendation <br />20 for the final city 2025 tax levy. The EDA levy of $364,856 is the same as the preliminary EDA levy <br />Page 1 of 4 <br />Qbhf!9!pg!527 <br /> <br />