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Eclty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 10.3 <br /> Agenda Section Meeting Date Prepared by <br /> Work Session November 4, 2019 Lori Ziemer, Finance Director <br /> Item Description Reviewed by <br /> 2020 Budget Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Continue 2020 budget discussion. <br /> Background/Discussion <br /> On September 3, Council approved a maximum levy of$12,953,570,which is an 8.5%increase over the <br /> 2019 levy. This maximum levy amount required adjustments to the general fund budget of$134,200. <br /> Staff has reviewed and made adjustments of$222,000 to bring the levy to $12,865,770,which is a 7.8% <br /> change. The general fund budget change is under 5%. <br /> Pending any adjustments to property values by the county, the projected tax rate is 46.084 compared to <br /> 45.907 in 2019. <br /> Financial Impact <br /> N/A <br /> Attachments <br /> ■ Tax levy <br /> ■ General Fund summary <br /> ■ Tax impacts <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 />