FY27 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 2019 through fiscal year 2028. Fiscal years 2027 through 2028 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 2027 is $2.543 per $1,000 of value while the City’s total property tax levy rate is $15.43305 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 2019 through 2028.

375