4.1. SR 11-17-1997 - Laserfiche WebLink

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1998 Budget November 17, 1997 Page 2 1998 1997 (estimate) County 24.392 27.251 City 24.683 26.613 EDA .759 .840 HRA .574 .632 School 62.359 56.462 Total 112.767 111.798 Additionally it should be noted that the estimated 1998 city tax rate information is based on the 9/8/97 city resolution. If the tax reduction which the City Council reviewed on 10/27 and 11/3 is implemented, then there would be a further reduction of approximately 1.2 in the 1998 tax rate. The question before the City Council at this budget worksession is whether or not the Council would like to add back in some of the tax revenues which were proposed to be cut on 10/27 and 11/3. The 9/8/97 resolution showed the city tax rate going up 7.82 percent (from 24.683 to 26.613). The 10/27 and 11/3 City Council action has the city tax rate going up approximately 3 percent (from 24.683 to 25.423). If the City Council would like to add some or all of the tax revenue adjustments from 10/27 and 11/3 back into the budget, it should be done at this ti'me before the Truth in Taxation public hearing. It is much harder to go into the December I public hearing with the lower tax figure and increase this amount versus going into the public hearing with the 9/8/97 amount. The Council can always reduce this tax amount in December. If the City Council would like to add back some or all of the tax revenue, then the city tax rate will go up from what was discussed on 10/27 and 11/3. Nonetheless, the total rate will still be less than the 1997 total rate based on current estimates from the county. Please see the attached list of adjustments which the City Council authorized on 11/3 in order to review possible changes in the budget. Staff priorities for adjustments include reducing the cash flow, increasing funds back into the Council Contingency, moving the equipment purchases back into the budget, and reducing some of the revenue increases based on growth (i.e. building permit fees, plan check fees).