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DISCUSSION: <br />Current levy rates are limited to a 1 % increase per year, plus new construction. Recent <br />historic high inflation has eroded the purchasing power for maintenance and road <br />construction projects on public infrastructure. A proposed levy lid lift is presented to <br />provide stability of maintenance and construction of County roads and bridges. Rate <br />scenarios have been developed by Public Works, with input from the consultant (Consor) <br />levy survey and input efforts. <br />The proposal for a levy lid lift is a single -year lift with the new dollar amount then being <br />used for future assessments (Exhibit 1). The permanent single -year lid lift would increase <br />the levy amount and then establish a new base for the one-(1) percent annual allowable <br />increase. With a permanent sing -year lid lift, the levy lid bumps up more than 1 % in the <br />first year, and then that amount is used to calculate all future 101 % levy limitations. The <br />measure does not expire, and the levy lid does not revert. Future annual increases may <br />not exceed 1 % without a vote to approve another lid lift. <br />Current Levy Rate: $0.77 per $1,000 of assessed value <br />Proposed Levy Rate: $1.01 per $1,000 of assessed value <br />Single levy increase used for future assessments <br />It is proposed that this levy lid lift be placed on the November 2024 General Election. <br />Taxes levied in November are first due in April the following year. <br />FISCAL IMPACT: <br />Consideration of divesting from infrastructure assets must be considered without <br />additional funds to the road fund. <br />HANDLING: <br />Return one original <br />ATTACHMENTS: <br />Resolution, Exhibit 1 Permanent Single -Year Levy Lid Lift <br />