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City of <br /> Elk=' Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 10.2 <br /> Agenda Section Meeting Date Prepared by <br /> Worksession November 3, 2014 Tim Simon, Finance Director <br /> Item Description Reviewed by <br /> 2015 Budget Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Continue 2015 budget discussion. <br /> Background/Discussion <br /> Over the past several months, staff has presented the budget requests and related goals for each <br /> department. Staff will provide an overview of the entire budget and provide an update on the current <br /> levy and related items. <br /> General Fund Update <br /> In September,the Council approved a maximum levy change of 2.05%without the stormwater levy line <br /> item. Since then, staff has reviewed and adjusted for several items bringing the levy change to 1.93%. <br /> A quick summary of the changes from 2014—2015 proposed General Fund expenditure budget prior to <br /> final adjustments is below: <br /> 2014 Adopted Budget $12,870,500 <br /> COLA 2% or by union contract 147,105 <br /> Staff adjustments (personal sheet 152,650 <br /> Overlays moved to pavement mgmt. fund 40,000 <br /> Health Insurance/Pension changes ERA 123,300 <br /> Inflation/Exp. Adjustments <1% 67,395 <br /> 2015 Proposed Budget $13,320,950 <br /> The city tax rate is projected to decrease from 48.54% to 47.24% for 2015,which is subject to change <br /> pending any final adjustments from the county assessor on property values/final adjustments. <br /> Financial Impact <br /> N/A <br /> Attachments <br /> • General Fund Revenues/Expenditure summary <br /> • Personnel sheet summary <br /> • Tax levy breakout <br /> • Tax rate estimate <br /> P0WIAEO 0 <br /> Template Updated 4/14 INIM UREI <br />