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Consideration of request by Finance Director to use previous year’s unused levy capacity for the 2025 Budget
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Submitted by:
John Ruggini
Department:
Finance Department
A. Issue
The 2025 Budget assumes the use of levy capacity carryover from the 2024 Budget. State statute requires this be a separate vote of the Common Council.
B. Background/Options
The Common Council adopted the 2025 Budget on November 19th 2025. This budget assumes the use of $772,124 in unused prior year levy capacity. However, the municipality's governing body must approve the use of this allowable increase by majority vote, under sec. 66.0602(3)(f)3., Wis. Stats. A separate vote was not taken as part of budget adoption and must be done so now so as to not lose this capacity and adversely affect the Council’s ability to raise the levy more than net new construction in the future.
C. Strategic Plan (Area of Focus)
NA
D. Fiscal Impact
There is no fiscal impact. This vote does not change the 2025 adopted property tax levy
E. Recommendation
I recommend approval of the use of $772,124 of carryover levy capacity for the 2025 Budget