FY26 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 2018 through fiscal year 2027. Fiscal years 2026 through 2027 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 2026 is $2.65969 per $1,000 of value while the City’s total property tax levy rate is $15.63305 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 2018 through 2027.

Outstanding Bonded Debt as a Percentage of Total Assessed Property Valuations

1.30%

1.22%

1.20%

1.14%

1.11%

1.10%

0.97%

1.00%

0.94%

0.88%

0.90%

0.85%

0.81%

0.77%

0.80%

0.75%

0.70%

FY18 FY19 FY20 FY21 FY22 FY23 FY24 *FY25 *FY26 *FY27

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