Albert Lea city council adopts 2024 preliminary tax levy
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(ABC 6 News) – There wasn’t a lot of discussion tonight amongst Albert Lea City Council members about the preliminary tax levy.
This was something they needed to certify by September 30, according to state law.
The council agreed to adopt the maximum net tax levy to $7,745,000, a 5.5% increase from this year.
The proposed budget for next year is $19,912,400 which would be a 9.9% increase from this year.
“Where does our money go, again we’re 43% public safety which is police and fire and inspections,” finance director Kristi Brutlag said.
There wasn't a lot of discussion tonight amongst council members about the preliminary tax levy. This was something they needed to certify by September 30th according to state law.
The breakdown is as follows.
Where does the money come from?
- 35% Local government aid
- 29% City property taxes
- 14% Charges for services and grants
- 12% Transfers from utility funds to cover overhead
- 10% Franchise fees from gas, electricity, and cable television
Where does the money go?
- 43% Public safety
- 21% Culture and Recreation
- 16% Public works
- 15% General government
- 5% Transfer funds for equipment replacement
The requested tax rate for next year would be 54.242, for example, if your house is worth $100,000 with the proposed tax rate, you would pay $542.42 in property taxes in 2024.
The council will use the next couple of months to finalize the budget and tax levy.
They plan to approve it on December 11.