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Eclty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 9.2 <br /> Agenda Section Meeting Date Prepared by <br /> Work Session November 19, 2018 Lori Ziemer, Finance Director <br /> Item Description Reviewed by <br /> 2019 Budget/Tax Levy Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Continue 2019 budget/tax levy discussion. <br /> Background/Discussion <br /> On September 17, Council approved a maximum levy of$11,938,765 with a proposed tax rate of 45.467 <br /> as compared to 46.01 in 2018. As directed by Council, staff has reviewed and made further adjustments <br /> of$55,000 to the general fund budget to bring the change under 5%. <br /> These adjustments would bring the levy to $11,883,765 with a projected tax rate of 45.259,pending any <br /> final adjustments on property values from the county. <br /> For Council consideration, an alternative option to the levy reduction would be to capture the $55,000 to <br /> build on Council's goal of establishing a sinking fund reserve for the government building fund. This <br /> option would maintain the levy of$11,938,765 with a proposed tax rate of 45.467,instead of a levy <br /> reduction. <br /> Financial Impact <br /> N/A <br /> Attachments <br /> ■ Tax levy options <br /> ■ Tax impacts <br /> ■ General Fund summary <br /> The Elk River Vision <br /> A PehoMing community Pitb revolutionary and spirited resourcefulness, exceptional P,`01 W E H E 8 6 T <br /> service, and community engagement that encourages and inspires prosperity INAMIRE1 <br />