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new construction and changes to actual values. New construction accounted for $2,399,637 of <br />the total, or less than 1 %, of the change. <br />The City currently levies a total of 7.934 mills with two separate levies: <br />1. A 5.184 mill General Levy; and <br />2. A 2.750 mill Recreation Center Debt Service Levy. <br />However, in 2024 the City Manager is proposing temporary mill levy credits to offset the impact of <br />increases to assessed values of property within City jurisdiction. <br />Proposed for Calendar Year 2024 mill levies, net of temporary mill levy credits: <br />1. A 3.992 mill General Levy; and <br />2. A 1.375 mill Recreation Center Debt Service Levy. <br />Reducing the General Levy to 3.992 from 5.184, would result in approximately $1.2M less funding <br />for general City purposes in 2024. <br />Reducing the Recreation Center Debt Service Levy from 2.75 to 1.375 would result in approximately <br />$800,000 less funding for Debt Service payments. However, the reduction in 2024 revenue would <br />be supplanted by fund balance. In 2025 and beyond Staff will recommend a mill levy appropriate for <br />future debt service payments. <br />Both the General Levy and the Recreation Center Debt Service levy, net of temporary credits, will <br />be reviewed during next budget cycle, and are projected to return to prior levels. <br />9,000,000 <br />8,000,000 <br />7,000,000 <br />6,000,000 <br />5,000,000 <br />4,000,000 <br />3,000,000 <br />2,000,000 <br />1,000,000 <br />Property Tax Revenue (Excludes URD) <br />e uct n ue to <br />Net Assessed Valuation 17% End of Library Debt <br />Increase and Mil Levy Increase Service Mil LevyImpactof <br />from 6.710 to 8.869 for Recreation Marshall <br />Center Bonds. Net of Reductioq in Fi <br />RAR from 7.96% to 7.20% <br />Val <br />Temporary Mill <br />Levy <br />Reductions�i <br />2008 2009 2010 20112012 2013 2014 2015 2016 2017 2018 2019 2020 20212022 2023 2024 2025 2026 <br />i Property Tax Revenue Mil Levy <br />2024 Recommended Budget Transmittal <br />7 <br />