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<br />Tax Payable Year20192018201720162015 <br />Tax Rate45.907%46.011%46.193%46.170%47.190% <br />Taxable Net Tax Capacity$26,006,616$24,046,382$22,868,723$22,031,258$21,227,938 <br /> % Increase in NTC8.15%5.15%3.80%3.78%4.58% <br />Tax Levy$11,938,765$11,063,830$10,563,770$10,171,733$10,017,357 <br /> % Increase in Levy7.9%4.7%3.9%1.5%1.7% <br />General Fund Budget$16,221,200$15,456,550$14,594,400$13,884,800$13,433,200 <br /> % Increase in GF Budget4.9%5.9%5.1%3.4%3.9% <br /> <br />Request for Action <br /> <br /> <br />To Item Number <br />Mayor and City Council 10.7 <br />Agenda Section Meeting Date Prepared by <br />Work Session May 6, 2019 Lori Ziemer, Finance Director <br />Item Description Reviewed by <br />2020 Budget Discussion Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Discuss 2020 budget process and provide feedback. <br /> <br />Background/Discussion <br />Staff will begin developing their preliminary 2020 budgets and budget meetings will be scheduled in <br />June/July with department directors and/or division managers to review their preliminary budget request. <br />All of this leads up to the Council adopting a maximum tax levy prior to September 30 and the final budget <br />being adopted in December. <br /> <br />Proposed Budget Schedule <br /> May 6 Council Worksession – General 2020 budget discussion and process. <br /> July/August Budget Worksessions – Suggested Council budget worksession dates are as follows: <br />st <br />o 1 Budget Worksession – Monday, July 22 <br />nd <br />o 2 Budget Worksession – Monday, July 29 <br />o Additional Worksession (if needed) – Monday, August 12 <br /> September 3 Regular Meeting – Approve maximum tax levy. <br /> October/November – Continue budget, Capital Improvement Plan and tax levy discussion. <br /> December 2 Regular Meeting – Present and adopt final budget and tax levy. <br /> <br />Change in Net Tax Capacity <br />Early spring estimates from the county indicate residential market values increasing approximately 6.8% and <br />commercial/industrial values increasing slightly over 1%, resulting in a NTC increase of about 5.5%. The <br />following table shows the changes in the city’s tax rate, taxable net tax capacity, tax levy, and general fund <br />budget over the past five years. <br /> <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br /> <br />