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accepting the amounts and rates as determined by the Budget Commission and authorizing the necessary tax levies and certifying them to the County Fiscal Officer. (Referred to Finance 5/15/23) Director Rancatore explained that Resolution 2023-26 shows the levies on the 2024 tax duplicate. He discussed the millage and where it goes. He noted that the city’s tax structure has proved to be sustainable and stable. 1981 was the last time that income tax was increased and there was only a minor increase in property tax in 2003 that went toward the solvency of retirement funds. Resolution 2023-26 certifies to the County Fiscal Officer that these taxes are necessary to be collected in 2024. In response to questions from Councilmember Bullock, Director Rancatore discussed municipal finance structures including inside millage, outside millage, and funds levied by charter for specific purposes. Motion made and seconded to recommend Resolution 2023-26 for approval. All members voted in favor. Motion passed. Resolution 2023-26 recommended for adoption. RESOLUTION 2023-25 - A RESOLUTION to take effect immediately provided it receives the affirmative vote of at least two thirds of the members of Council or otherwise, to take effect and be in force after the earliest period allowed by law requesting the Cuyahoga County Fiscal Officer to draw and the Cuyahoga County Treasurer to pay to the City of Lakewood Director of Finance an advance of all real, personal property and special assessments collected in the year 2024 in such amounts as may be requested and available. (Referred to Finance 5/15/23) Director Rancatore explained that Resolution 2023-25 allows the city to receive property tax payments from the county as they are collected from taxpayers and to gain interest revenue. He noted that there is significant interest revenue to be garnered this year due to the rise in interest rates. In response to questions from Councilmember Bullock, Director Rancatore provided assurances that when the city has fund balances that those funds are maintained within a diversified interest- earning portfolio, which can be redeemed at certain points. Motion made and seconded to recommend Resolution 2023-25 for approval. All members voted in favor. Motion passed. Resolution 2023-25 recommended for adoption. RESOLUTION 2023-24 - A RESOLUTION to take effect immediately provided it received the affirmative vote of at least two thirds of the members of Council, or otherwise to take effect and be in force after the earliest period allowed by law approving the Tax Budget of the City of Lakewood, State of Ohio for the year 2024, and authorizing the filing of same with the Cuyahoga County Fiscal Officer. (Referred to Finance 5/15/23) 2