Laserfiche WebLink
City of <br /> Elk=' Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 9.3 <br /> Agenda Section Meeting Date Prepared by <br /> Worksession November 17, 2014 Tim Simon, Finance Director <br /> Item Description Reviewed by <br /> 2015 Budget Discussion Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Continue 2015 budget discussion. <br /> Background/Discussion <br /> Over the past several months, departmental staff has presented the budget requests and related goals and <br /> on November 3, staff presented an overview of the entire budget and updated the Council on the current <br /> levy, tax impacts, adjustments, and related items. <br /> General Fund Update <br /> In September,the Council approved a maximum levy change of 2.05%without the stormwater levy. <br /> Since then, several items have been adjusted bringing the levy change to 1.66% over last year. <br /> A quick summa of the changes from 2014—2015 proposed General Fund expenditure budget 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 123,300 <br /> Inflation/Exp. Adjustments <.5% 59,245* <br /> 2015 Proposed Budget $13,312,800 <br /> *-includes additional funds for Buckthorn,Fireworks and general supply cost adjustments. <br /> The city tax rate is projected to decrease from 48.54% to 47.11% 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 /> • Sample properties <br /> • Draft resolution <br /> P a w E A E U s r <br /> Template Updated 4/14 INIM UREI <br />