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The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community <br />engagement that encourages and inspires prosperity <br /> <br /> <br />Request for Action <br /> <br />To <br />City Council <br />Item Number <br />3.1 <br /> <br />Meeting Date <br />July 29, 2024 <br />Prepared By <br />Lori Stich, Finance Manager <br /> <br />Item Description <br />2025 Budget <br />Reviewed by <br />Lori Stich <br />Joe Stremcha <br />Cal Portner <br />Tina Allard <br /> <br />Action Requested <br />Overview of the 2025 budget, budget review, discussion, and providing staff with direction. <br /> <br />Background/Discussion <br />Staff have been developing their preliminary 2025 budgets over the past few months. In June and July, <br />meetings were held with department directors and division managers to review their preliminary budget <br />requests. The Council is required by law to adopt a maximum tax levy before September 30. This levy may be <br />decreased and may not be increased for the final budget adoption in December. <br /> <br />Proposed Budget Schedule <br />▪ July/August Budget Work Sessions – Council budget work session dates are as follows: <br />o 1st Budget Work Session – Monday, July 29 at 4:30 pm <br />o 2nd Budget Work Session – Monday, August 12 at 4:00 pm <br />▪ September 16 Regular Meeting – Approve maximum tax levy. <br />▪ October/November – Continue budget, Capital Improvement Plan, and tax levy discussion. <br />▪ December 2 Regular Meeting – Present and adopt final budget and tax levy. <br /> <br />The preliminary 2025 budget is developed based on the following initial estimates and may be adjusted as we <br />progress through the budget process: <br />▪ The same level of services as the 2024 budget. <br />▪ Insurance benefits - 5% increase. <br />▪ Workers’ compensation – 10% average rate increase, which is consistent with estimates for previous <br />years. A change to what is included in wages for the workers’ compensation calculation resulted in <br />significant premium increases for all job classes. <br />Page 2 of 38