8.1. SR 09-15-2014 - Laserfiche WebLink

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City of Elk Request for Action River To Item Number Mayor and City Council 8.1 Agenda Section Meeting Date Prepared by General Business September 15, 2014 Tim Simon, Finance Director Item Description Reviewed by 2015 Budget Cal Portner, City Administrator Reviewed by Action Requested • Set,by motion,the budget meeting, at which public comment will be taken, for 6:30 p.m., December 1, 2014. • Authorize,by resolution,the proposed property tax levy for collection in 2015. Background/Discussion The Council must approve the maximum tax levy for certification to the County Auditor by September 30, 2014. Over the past several months the Council has reviewed each department/division goals for 2015 and the corresponding line item budgets. Based on Council direction,the attached levy resolution calls for a levy of$10,056,118 or a 2.05 percent change over last year. Based on preliminary 2014 tax values for taxes payable 2015 received for the county, our net tax capacity (NTC) will increase 5.12%. If the numbers are not adjusted by the county,which they may slightly, this would be the second year in a row with an NTC increase. If the NTC remains at a 5.12%increase, our overall tax rate would decrease from 48.54 to 47.30 percent. Over the next several months we will review updated numbers and adjustments to finalize the budget for adoption on December 1, 2014. In addition,the Council will be seeking input on the funding of the storm water program/permit requirements. The County Board of Commissioners has set 6:00 p.m.,December 4, 2014 as the county's budget and levy date. Financial Impact City of Elk River property tax levy for collection in 2015. Attachments ■ Resolution setting City of Elk River property tax levy for collection in 2015 ■ 2015 tax levy breakout ■ Preliminary 2014 tax values (for proposed 2015 tax Notices) ■ 2015 tax rate estimate calculation ■ 2015 summary budget P a w E A E U s r Template Updated 4/14 INIM UREI