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Eclty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 9.1 <br /> Agenda Section Meeting Date Prepared by <br /> Work Session June 18, 2018 Lori Ziemer, Finance Director <br /> Item Description Reviewed by <br /> 2019 Budget Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Discuss 2019 budget process and provide feedback. <br /> Background/Discussion <br /> Staff has begun developing their preliminary 2019 budgets and budget meetings will soon be scheduled <br /> with department directors and/or division managers to review their preliminary budget request. All of <br /> this leads up to the Council adopting a maximum tax levy prior to September 30,with the final budget <br /> being adopted in December. <br /> Proposed Budget Schedule <br /> ■ June 18 Council Work Session—General 2019 budget discussion and process. <br /> ■ July/August Budget Work Sessions —Presentation to Council of proposed budgets. <br /> ➢ <br /> 1"Budget Work Session—Monday,July 30 or Wednesday, August 1. <br /> ➢ 211d Budget Work Session—Monday, August 13 or Wednesday, August 15. <br /> ➢ Additional Work Session (if needed) —Wednesday,August 22 or Monday, August 27. <br /> ■ September 17 Regular Meeting—Approve maximum tax levy. <br /> ■ October/November— Continue budget, Capital Improvement Plan and tax levy discussion. <br /> ■ December 3 Regular Meeting—Present and adopt final budget and tax levy. <br /> Change in Net Tax Capacity <br /> Early spring estimates from the county indicate residential market values increasing approximately 9.5% <br /> and commercial/industrial values increasing slightly over 1%. Until updates are available from the <br /> county,we will use a 7-8% increase in NTC as we begin the budget process. The following table shows <br /> the changes in the city's tax rate and taxable net tax capacity values over the past five years. <br /> Tax Payable Year 2018 2017 2016 2015 2014 <br /> Tax Rate 46.011% 46.193% 46.170% 47.190% 48.544% <br /> Taxable Net Tax Capacity $24,046,382 $22,868,723 $22,031,258 $21,227,938 $20,298,760 <br /> % Increase in NTC 5.15% 3.80% 3.78% 4.58% 0.49% <br /> The Elk River Vision <br /> A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By <br /> service, and community engagement that encourages and inspires prosperity INAMIRE1 <br />