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AGENDA ITEM # 5.5 <br /> City of <br /> Pequot <br /> Lakes=— <br /> REPORT TO CITY COUNCIL <br /> Report Prepared by: Rich Spiczka, City Administrator <br /> Date: September 5, 2023 <br /> Subiect: 2024 Preliminary Levy <br /> Report: The City Council has until September 306, 2023 to set the preliminary <br /> levy for the city. This preliminary levy number works as the ceiling for what the <br /> city can charge in regard to property taxes in 2024. The current projections for our <br /> 2024 tax base are a tax capacity of approximately $5.2 million dollars. In <br /> comparison, in 2023 our tax capacity was approximately $4.5 million. With regard <br /> to the council goals of staying at 50% or less in regard to tax rate, staff is <br /> recommending a preliminary levy of$2,550,000 which is approximately 50% of a <br /> tax capacity valued at $5.1 million. The 2023 levy was $2.241 million. <br /> Council Action Requested: <br /> Council motion setting 2024 Preliminary levy at $2,550.000. <br />