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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 />Request for Action <br /> <br />To <br />City Council <br />Item Number <br />3.1 <br /> <br />Meeting Date <br />July 28, 2025 <br />Prepared By <br />Lori Stich, Finance Manager <br /> <br />Item Description <br />2026 Budget Discussion/Presentations <br />Reviewed by <br />Lori Stich <br />Joe Stremcha <br />Cal Portner <br />Tina Allard <br /> <br />Action Requested <br />Overview of 2026 budget, budget review, discussion, and provide staff with direction. <br /> <br /> <br />Background/Discussion <br />Staff have been developing their preliminary 2026 budgets over the past few months. Meetings with <br />department directors and/or division managers to review their preliminary budget requests were held in <br />June/July. All of this leads up to the Council adopting a maximum tax levy before September 30 and the final <br />budget being adopted 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 28, at 4:00 <br />p.m. <br />o 2nd Budget Work Session – Monday, August 25 at 4:00 p.m. <br />▪ September 15 Regular Meeting – Approve maximum tax levy. <br />▪ October/November – Continue budget, Capital Improvement Plan, and tax levy discussion. <br />▪ December 1 Regular Meeting – Present and adopt final budget and tax levy. <br /> <br />The preliminary 2026 budget is developed based on the following initial estimates and may be adjusted as we <br />progress through the budget process: <br />▪ Same level of services as the 2025 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 3 of 42