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HomeMy WebLinkAbout2024-090 2025 BudgetRESOLUTION NO.2024-90 ADOPTING A BUDGET FOR THE YEAR 2025, SETTING THE CITY LEVY, APPROVING THE HRA LEVY, AND APPROVING A TAX RATE INCREASE. Now, in accordance with all ordinances and regulations of the City of Columbia Heights, the City Council of the City of Columbia Heights makes the following: ORDER OF COUNCIL Section A. The budget for the City of Columbia Heights for the year 2025 is hereby approved and adopted with appropriations for each of the funds listed below. The estimated gross revenues to fund the budget for the year 2025, including general ad valorum tax levies and use of fund balances, are also listed below. Revenue Expense Governmental Funds General Fund 19,625,000 18,754,000 Planning & Inspections 641,800 662,000 Economic Development Authority Admin. 377,000 309,000 Cable Television 155,500 221,200 Library 1,293,000 1,293,000 After School Programs - 24,100 Downtown Parking 58,000 58,000 Capital Project Funds 3,681,100 3,247,500 Debt Service Funds 2,723,200 2,819,600 Proprietary Funds Water Fund 4,521,000 3,561,000 Sewer Fund 2,890,000 2,983,000 Refuse Fund 3,936,000 3,936,000 Storm Sewer Fund 827,000 516,700 Liquor Fund 10,488,300 10,315,500 Municipal Service Center 1,111,000 1,320,200 Information Systems 1,020,900 1,003,400 Change in Fund Balance - 2,324,600 Total Including Interfund Transfers 53,348,800 53,348,800 Section B. The following sums of money are levied for the current year, collectable in 2025 upon the Taxable property in the City of Columbia Heights, for the following purposes: Estimated General Fund Levy 16,473,000 Estimated Library Levy 1,276,000 Estimated EDA Fund Levy 375,000 Tota 1 18,124,000 City of Columbia Heights — Council Resolution 2024-90 Page 2 Section C. The City Council of the City of Columbia Heights hereby approves the Columbia Heights Housing and Redevelopment Authority Tax Levy for the fiscal year 2025 in the amount of $425,000. BE IT FURTHER RESOLVED: That the County Auditor is authorized to fix a property tax rate for taxes payable in the year 2025 that is higher than the tax rate calculated for the City of Columbia Heights for taxes payable in 2024. BE IT FURTHER RESOLVED: That the City has adequate fund balances and reserves to pay bond principal and interest payments on General Obligation Bond Series 2015A in the amount of $222,000 and that the County Auditor is authorized to cancel $222,000 of the related Bond Levy for taxes payable in 2025, leaving a balance of $261,381 to be levied for taxes payable 2025 for Series 2015A. BE IT FURTHER RESOLVED: That the City has adequate fund balances and reserves to pay bond principal and interest payments on General Obligation Bond Series 2017A in the amount of $340,541 and that the County Auditor is authorized to cancel $340,541 of the related Bond Levy for taxes payable in 2025, leaving a balance of $0 to be levied for taxes payable in 2025 for Series 2017A. BE IT FURTHER RESOLVED: That the City has adequate fund balances and reserves to pay bond principal and interest payments on General Obligation Bond Series 2017B in the amount of $225,000 and that the County Auditor is authorized to cancel $225,000 of the related Bond Levy for taxes payable in 2025, leaving a balance of $337,186 to be levied for taxes payable in 2025 for Series 2017B. BE IT FURTHER RESOLVED: That the City has adequate fund balances and reserves to pay bond principal and interest payments on General Obligation Bond Series 2018A in the amount of $13,435 and that the County Auditor is authorized to cancel $13,435 of the related Bond Levy for taxes payable in 2025, leaving a balance of $106,433 to be levied for taxes payable in 2025 for Series 2018A. BE IT FURTHER RESOLVED: That the City has adequate fund balances and reserves to pay bond principal and interest payments on General Obligation Bond Series 2023B in the amount of $122,358 and that the County Auditor is authorized to cancel $122,328 of the related Bond Levy for taxes payable in 2025, leaving a balance of $0 to be levied for taxes payable in 2025 for Series 2023B. The Finance Director is hereby instructed to transmit a certified copy of this resolution to the County Auditor of Anoka County, Minnesota. Passed this 9th day of December, 2024 Offered by: Buesgens Seconded by: Spriggs Roll Call: All Ayes Att t Sar n, y Clerk/Council Secretary I�YI�LLG--� �Myaor'Am6 MarquezSimula