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2022 Budget – Page 2 <br /> <br /> <br /> <br /> <br /> <br />The City’s current tax rate in 16.78% <br />and is the 4th lowest in Hennepin <br />County. The proposed levy will not <br />increase the tax rate. The graph to <br />the left provides some historical <br />reference for the rate. Each .1 of the <br />rate equates to approximately <br />$39,000 of revenue. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Recent tax levies have been set with in line with the Council’s priorities in mind. The following <br />graph illustrates the growth of the levy since 2016. 2016 was the first year of the pavement <br />management levy which was <br />originally at $189,000. In the <br />2022 levy, the amount for <br />pavement has been methodically <br />increased to $900,000. In 2021, <br />the levy for Parks and Facilities <br />were added to the tax levy. <br />The blue portion of the tax bars <br />represent the amount levied for <br />debt. In 2022 this will be <br />$577,680. With the final <br />maturity of the 2016 bonds, the <br />existing debt levy will be <br />reduced to $242,000 in 2023. <br /> <br /> <br /> <br /> <br />Building Permits <br />Building Permits are another major revenue source for the General Fund. The following graph <br />provides some historical perspective on building permit revenue. These revenues can vary <br />significantly based on higher value projects, like the school activity center, Bracket’s Point, and <br />apartment buildings. While we do have some larger projects being planned, it is difficult to <br />budget for them. Economic condition can result in delays or cancelation of these projects. The <br />2022 budget for permits is currently at $425,000 which is the same level as 2020 and 2021.