8.2 SR 09-06-2022 - Laserfiche WebLink

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Request for Action To Item Number Mayor and Ci T Council 8.2 Agenda Section Meeting Date Prepared by General Business September 6, 2022 Lori Ziemer, Finance Director Item Description Reviewed by Set Budget Meeting Date and Adopt 2023 Cal Portner, City Administrator Preliminary Tax Levy Reviewed by Action Requested Set, by motion, the budget meeting for 6:30 p.m., December 5, 2022, when public comment will be taken. Adopt, by motion, a resolution authorizing the preliminary property tax levy for collection in 2023. Discussion The Council must approve the preliminary tax levy for certification to the county auditor by September 30, 2022. The attached levy resolution sets the preliminary tax levy at $15,202,106, compared to the $13,885,700 levy for 2022. The General Fund budget is currently $20,552,150, which is an 8.7% increase over the 2022 budget of $18,913,650. The preliminary tax levy is the maximum levy amount and will be used to formulate the truth in taxation notices that will be sent out by the county later this fall. The city's final adopted levy can be less but cannot exceed the preliminary levy amount. Staff will continue to review and evaluate opportunities for reductions based on additional information received over the next several months to finalize the budget for adoption on December 5, 2022. Financial Impact City of Elk River property tax levy for collection in 2023. Mission/Policy/Goal The city's mission is to grow responsibly and be good stewards for every dollar to develop a sustainable and prosperous community. Attachments Resolution Adopting the 2023 Preliminary Tax Levy 2023 Preliminary Tax Levy/rate The Elk River Vision A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community engagement that encourages and inspires pi ospei ly. M TUREJ Updated.• August 2020