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<br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and City Council 3 <br />Agenda Section Meeting Date Prepared by <br />Work Session August 29, 2022 Lori Ziemer, Finance Director <br />Item Description Reviewed by <br />2023 Budget Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Continue 2023 budget discussion. <br /> <br />Background/Discussion <br />As of the August 8 budget work session, the 2023 General Fund budget was $20,888,600 and is currently <br />$20,852,600, after the removal of the $36,000 IT server to the Capital Reserve fund. 76% of the General Fund <br />budget is comprised of personal services and is supported with a General Fund tax levy of $14,850,600, which <br />comprises 71% of the General Fund revenues. <br /> <br />Net Tax Capacity (NTC) values are expected to be received in September, but early estimates from the county are <br />about $38,100,000, or about a 20% increase. With an estimated 20% increase in the NTC values, the preliminary <br />tax rate, with fully funding the debt service levies, would be about 43.242%, compared to 43.967% in 2022. <br /> <br />On September 6, the Council will adopt the maximum preliminary tax levy for taxes payable 2023 to be certified to <br />the county by their requested deadline of September 15. The final tax levy will be adopted in December and can be <br />the same or lower, but cannot be greater, than the preliminary tax levy. <br /> <br />Following is a comparison of the surrounding communities COLA and levy increase: <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br /> <br />service, and community engagement that encourages and inspires prosperity. <br /> Updated: August 2020 <br /> <br />