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<br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and City Council 10.2 <br />Agenda Section Meeting Date Prepared by <br />Work Session November 7, 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 />On September 6, the Council approved a maximum levy of $15,202,106, with a preliminary General Fund Budget <br />of $20,552,150. Since then, additional adjustments of $107,150 have been made to bring the proposed levy to <br />$15,094,956 with an estimated tax rate of 39.618%, compared to 43.967% in 2022. <br /> <br />The levy adjustments consist of General Fund revenue increases of $45,000 and expenditure reductions of <br />$62,150. Expenditure adjustments resulting from decreases in supplies and fuel costs reduce the General Fund <br />budget to $20,490,000, or an 8.3% increase over 2022. The General Fund budget consists of the same level of <br />services as 2022 and the budget increase is mainly impacted by inflationary increases and costs associated with the <br />newly added park amenities and city facilities. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />The city’s mission is to grow responsibly and be good stewards for every dollar. <br /> <br />Attachments <br /> General Fund Budget <br /> Proposed Tax Levy <br /> Tax Impact <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 />