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Deephaven staff recommends modest levy increases to ease 2028 bond impact
Summary
City staff presented a 2027 CIP that holds the levy flat for 2027 but recommended roughly 2% annual increases through 2028 to help fund a possible 2028 street project; council reviewed the plan and took no formal action.
City staff presented the draft 2027 Capital Improvement Program and related property tax levy to the council, saying the document "maintained a net 0% levy, but discussion included the recommendation by Staff to increase the levy annually by approximately 2% through 2028 to provide funding for, and reduce the potential impact of, a potential 2028 Street Project that would require issuance of another municipal bond."
Staff explained the city's levy position in the context of the 2026A Series bond: the first payment on that issuance will occur in 2027 as an interest-only payment, and staff said funding for that payment is already reserved through the bonding process as collateralized interest. They noted the levy would effectively be reduced by about $520,000 in 2028 to accommodate the first full principal-and-interest payment. No formal action was taken; the matter was set for discussion only.
