6.8. SR 12-15-1997 - Laserfiche WebLink

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The September tax amount reflected an 8 percent increase in the city tax rate. A reduction in this September amount by $149,650 would then reduce the city tax rate increase to 3 percent. In an earlier budget worksession with the City Council, the $149,650 was taken out of the general fund tax revenue line item and further adjustments were made which established a city budget in the amount of $4,905,250. This is $71,950 less than the September budget amount. It seems that regardless of the City Council decision on the $149,650 issue, the budget is fairly well established at the $4,905,250 amount. (This is an 8 percent or $369,400 increase over the adopted 1997 budget.) The Council should note that some of the $149,650 could go back into the general fund budget ff the City Council wanted to add funds back into its City Council contingency fund or reduce the reserve allocation that is in the general fund revenues. On December 15, 1997, the City Council is asked to adopt a budget resolution and is also asked to adopt a tax levy resolution. The City Council will need to decide the tax amount that should be levied in 1998 and this issue centers on the $149,650 situation. Once the Council makes this tax amount decision, Assistant City Administrator Lori Johnson will then take a break from the meeting and prepare the final resolution for Council consideration. The Council can then approve the tax levy resolution when it is completed and presented later in the evening. Attachments · September 1997, General Fund Revenues · September 1997, General Fund Expenditures Summary · September 1997, Tax Levy Resolution for 1998 · November 3, 1997, General Fund Revenues · November 3, 1997, General Fund Expenditures Summary · Tax Levy and Rate Information · Proposed 1998 Budget Resolution