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<br />Budget Memo <br />September 12, 2005 <br /> <br />Page 2 of2 <br /> <br />All the tax decisions at this point are preliminary and nothing can be finalized until December 2005 <br />after the required Truth in Taxation public hearings. In December, the City Council can decrease its <br />proposed tax levy amount but it cannot increase the amount from what is established in September <br />2005. <br /> <br />The attached budget worksheets do not show a balanced budget at this time. The worksheets show a <br />budget gap of $708,650. If the budget is balanced as outlined in the attachment, then we will see <br />expenditures and revenues in 2006 of $10,607,350. This is a $1,323,250 or 14.25% increase from the <br />adopted 2005 budget. <br /> <br />When looking at the total general fund budget increase of 14.25%, it should be acknowledged that <br />almost 1 % of this increase is due to a reserve transfer-in for equipment. One way to look at this <br />budget increase is to compare it to inflation and the 8% residential growth that we have recently <br />been experiencing. Therefore it could be said that we are simply keeping pace with our growth and <br />inflation, while also adding personnel and equipment to meet our needs, and while adding some new <br />programs such as the Engineering Department. <br /> <br />Following discussion on the 2006 budget and tax levy, the City Council is requested to take the <br />following action on September 12, 2005: <br /> <br />. <br /> <br />Motion approving resolution authorizing 2006 proposed maximum tax levy. <br />Motion approving resolution establishing 2006 tax levy for the Economic Development <br />Authority. <br />Motion approving resolution establishing 2006 tax levy for the Housing and Redevelopment <br />Authority. <br />Motion calling for the city to hold its Truth in Taxation public hearing on the tax levy and <br />budget at 6:30 p.m. on December 5, 2005 with a continuation time and date of 6:30 p.m. on <br />December 12, 2005. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Attachments <br />· Budget Outline <br />· 2004 Audit Resolution <br />· Capital Outlay Page (dated 9/8/05) <br />· Personnel Services Page (dated 8/17/05) <br />· General Fund Revenue and Expenditure Worksheets <br />· Auditor Tax Value Information <br />· 3 Resolutions <br /> <br />S:\Council\Pat\Budget\2006\09 1205 budget memo. doc <br />