FY25 Proposed Budget

This City’s Debt Management policy, which limits its ability to levy taxes for repayment of debt, states that the debt service levy shall not exceed 30% of the city levy. The following chart shows the debt service levy as a percentage of the city levy rate for fiscal year 2017 through fiscal year 2026. Fiscal years 2024 through 2026 are based on estimated financing requirements for the City’s five-year capital improvement program. The City’s debt service levy rate for fiscal year 2025 is $2.5765 per $1,000 of value while the City’s total property tax levy rate is $15.633 per $1,000 of value.

Also, as part of the Debt Management policy, the City Council set a goal to reduce its outstanding general obligation and tax increment revenue bonded debt as a percentage of its total assessed property valuations to .75%. The following chart is trend of that comparison for fiscal years 2017 through 2026.

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