REGULAR MEETING CRETE CITY COUNCIL BUDGET HEARING CITY HALL OCTOBER 8TH, 2024 (CONDENSED, ENTIRE COPY AVAILABLE AT THE OFFICE OF THE CITY CLERK). Mayor Dave Bauer called the meeting of the City Council to order at 6:00 p.m. Answering roll call were the following Council Members: Crisman, Frans, Newmyer, Strehle, Papik, and Fitzgerald. The hearing was opened to hear testimony in favor of or opposition to the proposed Budget Summary and Final Property Tax Request for fiscal year 2024-2025. City Administrator Tom Ourada reviewed the forms that have been prepared to submit to the State Auditor of Public Accounts. The highlights of the Proposed Budget are as follows: Projected Outstanding Bonded Indebtedness as of October 1, 2024 Principal $16,682,584.00 Interest $2,412,204.00 Total Bonded Indebtedness $19,094,752.00. summary of Beginning Balances, Receipts, & Transfers Net Cash Balance $18,045,435.00 Total Resources Available $51,516,612.70 Total Disbursements & Transfers $45,400,688.00 Balance Forward/Cash Reserve $6,115,924.70 Total Property Tax Requirements $1,545,330.00- Summary of Tax Request that County Clerk uses to assess the taxes Summary of columns for the fiscal year- 2024-2025 LID SUPPORTING SCHEDULE Calculations of Restricted Funds which include the property tax, sales tax, state aid, motor vehicle fees, and transfer of surplus fees. The total restricted funds are $6,821,478.00 and Total LID EXCEPTIONS $1,976,263.00 TOTAL RESTRICTED FUNDS $4,845,215.00 LID COMPUTATION FORM FOR FISCAL YEAR 2024-2025 Current year allowable increases (Base limitation percent increase 2.5%) Allowable growth per the Assessor Minus 2.5% 0.00% There is the additional 1% increase, that the Council will need approve. Total unused Restricted Funds Authority $10,582.74 must be greater than 0 or equal to 0 Municipality Levy Limit Form Personal and Real Property Tax Request $1,545,330.00 Bonded Indebtedness $241,000.00 Total Levy Exemptions $241,000.00 Total Levy Request Subject to Levy Limit $1,304,330.00 Valuation $450,968,476.00 Municipality Levy Subject to Levy Authority 0.289229 Property Valuation $450,968,476.00 Property Tax Request $1,545,330.00 Tax Rate $0.332591 The hearing closed at 6:14 p.m. CR — October 16, 2024 ZNEZ
