10.4 SR SR 07-07-2014 - Laserfiche WebLink

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City of Elk Request for Action River To Item Number Mayor and City Council 10.4 Agenda Section Meeting Date Prepared by Work Session July 7, 2014 Tim Simon, Finance Director Item Description Reviewed by 2015 Budget Discussion Cal Portner, City Administrator Reviewed by Action Requested Discuss 2015 budget process and provide feedback. Background/Discussion Staff has begun developing the Preliminary 2015 Budget with meetings being held with departments or division managers to review budget requests. At this work session,we will discuss the budget parameters and 2015 tax levy. State law has changed the city's Preli minary (maximum) Levy approval to September 30. The EDA and HRA levy approval dates are still before September 15. The final budget will be adopted in December. The majority of the budgets will be discussed at meetings in July and August. Proposed Budget Timeline • July 7 Council Work Session—General budget discussion 2015 budget and process. • July&August Work Sessions—Presentation of proposed budget&goals to Council with department directors and division managers in attendance (may schedule Work Sessions following Regular Meetings as needed). • September 2 Regular Meeting—Approve EDA and HRA max tax levy • September 16 Regular Meeting—Approve city maximum tax levy. • October&November—Continue budget, CIP and tax levy discussion. • December 1 Regular Meeting—Present final proposed budget;take additional public input; adopt final budget and tax levy. Levy Limits There are no levy limits for taxes payable 2015. Consumer Price Index (CPI) The CPI for the Midwest region is currently trending at about a 1.98%increase (as of May) for 2014. Change in Net Tax Capacity Last year the, city's Net Tax Capacity (NTC) increased 0.49% after several years of decreasing. The county assessor estimates a 4-5%NTC increase for pay 2015. He has indicated residential values increased approximately 8% and commercial/industrial moved from zero to about negative 2%. Based on the tax capacity rates for the different property types (1%res vs. 1.5%-2% C/I,this adjusts the NTC P a w E R E U 6 Y NaA f RE]