7.1. SR 12-01-2014 - Laserfiche WebLink

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City of Elk=' Request for Action River To Item Number Mayor and City Council 7.1 Agenda Section Meeting Date Prepared by Public Hearinj December 1, 2014 Tim Simon, Finance Director Item Description Reviewed by 2015 Budget and Tax Levy Cal Portner, City Administrator 1. Budget and Levy Presentation Reviewed by 2. Open Meeting for Public Comment 3. Resolution Authorizing the Property Tax Levy for Collection in 2015 4. Approve 2015 General, Special Revenue, and Enterprise Fund Budgets Action Requested • Open meeting for public comment • Adopt,by motion, a resolution authorizing the property tax levy for collection in 2015 • Adopt,by motion,the 2015 General, Special Revenue, and Enterprise Fund budgets Background/Discussion In May, departments began work on the 2015 department goals and requested budgets. From June to September, Council reviewed the 2015 goals and the expenditure detail. Following the review and discussion, the budgets were adjusted and amended. In September,the Council approved the proposed (maximum) tax levy that was used to calculate the city tax capacity rate for the proposed property tax notice that was mailed to each property owner in November. As the Council is aware, the final levy may be less than,but may not be more than, the levy approved on September 15. The following is a summary of the 2014 tax levy resolution for taxes payable in 2015 and the budget: • The proposed (maximum) tax levy is $10,056,118 which is an increase of 2.05% over last year. The Council has directed staff to draft a final tax levy resolution of$10,017,357 which is an increase of$163,522 or 1.66% over last year. • The 2015 General Fund budgeted expenditures are $13,312,800 and include: funds for a drug task force officer, an HR technician, additional buckthorn removal, fireworks, and cost of living adjustment. • The 2014 tax levy resolution for taxes payable in 2015 is lower than the tax levy resolution in 2007 for taxes payable 2008. Tax Lew On November 17, the Council reviewed budget options and discussed decreasing the final levy for taxes payable 2015 to $10,017,357 which is a 1.66%increase from the taxes payable 2014 adopted levy. The preliminary estimated Net Tax Capacity (NTC) increased by 5.12% to $21,460,590 for taxes payable in 2015. Last year, the NTC increased 0.45%. The main reason for the change relates to market value increases and new growth. The final NTC will change slightly as the county makes final corrections and adjustments before calculating taxes in early 2015. The tax capacity rate based on the maximum tax levy P a w E R E U 6 Y NaA f RE]