City Budget


2024 General Fund Budget & Property Tax Levy
On September 25, 2023, the City of Shorewood adopted the proposed 2024 General Fund budget. In addition, the city adopted the “2024 Proposed Levy Certification” for submission to the Hennepin County Auditor.

Financial Documents

2024 Master Fee Schedule
The city establishes fees that are charged for various permits and services.   Each year the city reviews the costs and fees associated with the providing services.  The city updates its Master Fee Schedule with these updates every year.

2024 Master Fee Schedule


2024 City Budget Process 
Agendas, minutes and videos of City Council sessions are available at ci.shorewood.mn.us/agendas.

August 14 - Work Session Agenda Packet Video Minutes
September 11 - Work Session Agenda Packet Video Minutes
September 11 - Council Meeting Agenda Packet Video Minutes
September 25 - Work Session Agenda Packet Video Minutes
September 25 - Council Meeting Agenda  Packet Video Minutes
December 11 - Council Meeting Agenda Packet Video Minutes (posted after approval on 1/8/24) 

November 14, 2023
On August 14 and on September 11, the City Council held work sessions to discuss the preliminary 2024 General Fund operating budget and property tax levy. The City Council adopted a 2024 preliminary budget and property tax levy at its September 25 meeting. The City then certified the 2024 property tax levy to Hennepin County in late September. In November, the County will send Truth-in-taxation notices to property owners, showing proposed 2024 property taxes.
 

As part of its regularly scheduled City Council meeting on Monday, December 11, the City Council will hold a truth-in-taxation public meeting on the proposed 2024 budget and property tax levy. The Council will adopt its final payable 2024 property tax levy and 2024 budget at the December 11 meeting and will certify the 2024 property tax levy to Hennepin County on or before December 28. 

Overall proposed 2024 General Fund expenditures and transfers out are preliminarily budgeted at $6,485,291, or a 6.5% increase from the 2023 General Fund budget. 

General Fund 2024 revenues and transfers in are also preliminarily budgeted at $6,485,291, or a 6.5% increase from the 2023 budget. The increase is due to the proposed General Fund taxes increasing in order to cover 2024 expenditure increases. Property taxes account for 88.9% of the 2024 General Fund revenue budget.  

For the 2024 budget, no use of reserves has been included in the annual General Fund budget, resulting in a structurally balanced budget.   

The City’s 2024 overall preliminary property tax levy of $7,115,274 is 9.3% higher than the 2023 total levy of $6,510,948.  The General Fund portion of the property tax levy is proposed to increase by $372,996, or 6.9%, with all other non-General Fund tax levies (capital and debt levies) budgeted to increase $231,330, or 20.3%.  

The City’s overall estimated market value increased by 9.2% from 2023 to 2024, including existing value increases and new construction. 

Based on a property tax capacity increase of 10.0%, the City is proposing to decrease the estimated payable 2024 City tax rate by 0.4% from 22.416% in 2023 to 22.323% in 2024. 

Property owners with no change in market values from payable 2023 to payable 2024 should experience an approximate 0.4% decrease in the City portion of their overall property tax bill.  In the event of a market value decrease or increase from payable 2023 to payable 2024, City property taxes would change proportionately. 


October 2, 2023

The Shorewood City Council held work sessions on August 14 and September 11 to discuss the preliminary 2024 operating budget and property tax levy. On September 25, the Council adopted the 2024 preliminary budget and property tax levy during the regular meeting. The City certified the 2024 property tax levy to Hennepin County on September 30. In November, the County will send Truth-in-taxation notices to property owners, showing proposed 2024 property taxes.

At this point, the preliminary 2024 budget and levy cannot increase, it can only be reduced. As part of its regularly scheduled City Council meeting on Monday December 11, the City Council will hold a truth-in-taxation public meeting on the proposed 2024 budget and property tax levy.  The meeting will begin at 7pm at Shorewood City Hall. Residents are welcome to attend in-person or online and provide comment on the 2024 budget The Council is expected to adopt its final payable 2024 property tax levy and 2024 budget at the December 11 meeting and will certify the 2024 property tax levy to Hennepin County on or before December 28.

Meeting information, including 2024 budget documents, agenda packets, minutes, and link to attend virtually, can be found on the City’s website at ci.shorewood.mn.us/agendas


August 24, 2023
2024 budget timeline
The City has been working on its preliminary 2024 operating budget and property tax levy since JuneA City Council budget work session occurred on August 14, and a second budget work session is scheduled for Monday September 11. It is anticipated that the City Council will adopt the 2024 preliminary budget and property tax levy at its September 25 meeting.  Following adoption of the preliminary budget and property tax levy in September, the City will certify the 2024 preliminary property tax levy to Hennepin County by September 30. 

Property owners will receive truth-in-taxation notices in November from the County, showing proposed 2024 property taxes. The City Council will hold a truth-in-taxation public meeting on the proposed 2024 budget and property tax levy, tentatively scheduled as part of its regularly scheduled City Council meeting on Monday, December 11.

The Council may adopt its final payable 2024 property tax levy and 2024 budget at the December 11 meeting and will certify the 2024 final property tax levy to Hennepin County on or before December 28. 

View August 14 City Council Work Session Packet