10.5. SR 11-04-2013 - Laserfiche WebLink

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/i Elk Request for Action Fiver To Item Number Mayor and City Council 10.5 Agenda Section Meeting Date Prepared by Worksession November 4, 2013 Tim Simon, Finance Director Item Description Reviewed by 2014 Budget Cal Portner, City Administrator Reviewed by Action Requested Continue 2014 budget discussions. Background/Discussion Following is an update on the 2014 General Fund budget. General Fund Update: At the time of the October 21 budget update, our General Fund revenues exceeded expenditures by$84,501. With some updated numbers, our General Fund revenue currently exceeds our expenditures by$55,093. The only change relates to the Community Operations and Development Department staffing plan (see attachment). One item remaining to discuss is the city's contribution for health insurance. The budgeted includes a 5% city contribution increase. Staff will provide an update on the renewal. Also, on November 12 we are proposing to call a special meeting to review any final adjustments and recommendations on using the $55,093 referenced above. An updated quick summary of the changes from 2013—2014 preliminary General Fund expenditure budget prior to adjustments is below: 2013 Adopted Budget $12,836,950 COLA 150,000 Staff adjustments (personal sheet 165,050 Seal coat* moved to pavement mgmt. fund 379,000 Sales Tax exemption (81,050) Inflation/Exp. Adjustments <.5% 62,350 2014 Preliminary Budget $12,754,300 *_ $290,000 in state-aid maintenance revenue will follow to the pavement management fund. The tax rate is estimated to decrease from 50.37% to 48.83%based on the net tax capacity provided by Sherburne County. Our tax levy (total taxes collected) will decrease $246,530 or (2.42%) from last year. I have included a summary of surrounding cities and the maximum levy percent change from taxes payable 2013 and 2014. Again these communities can decrease but not increase the levy in December. NW_ UR