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<br /> <br />MEMORANDUM <br />, <br /> <br />TO: <br /> <br />Mayor and City CouncW <br /> <br />FROM: <br /> <br />Lori Johnson, City Admirnistrator <br /> <br />DATE: <br /> <br />August 15, 2007 <br /> <br />SUBJECT: <br /> <br />2008 Proposed Budget dnd Tax Levy <br /> <br />A special City Council meeting has been scheduled for August 27 to discuss the budget and <br />maximum tax levy. In order to give you mor~ time to review the data and prepare for that <br />meeting, the proposed budget, tax levy estimates, and other summary and detail reports are <br />attached. <br /> <br />You have already had an opportunity to meet with all department heads to discuss their <br />requests for new staff and capital outlay as well as program changes and new initiatives; now <br />we will get into more detail and focus on developing a balanced budget that fits with the <br />property tax revenue that will be generated bllsed on the tax rate remaining the same as it <br />was for taxes payable 2007. In addition to reyiewing the General Fund budget, the special <br />revenue budgets will be reviewed. Enterpris~ fund budgets will be presented later since they <br />do not rely on tax revenue. <br /> <br />The attached proposed budgets are the culmination of combining requests with assumptions <br />about the coming year. Department heads submit their budget requests in June and finance <br />staff and I meet with department heads and division managers in July to review the requests <br />and make corrections and agreed upon adjustments. Finally, in order to put the entire <br />budget together, some assumptions and estimates about tax revenue, pay, and other items <br />must be made. <br /> <br />Below are the estimates and assumptions used for the 2008 proposed budget: <br />I <br />i <br />I <br />. 2008 tax rate remains the same as it Was for payable 2007 (excluding YMCA levy) <br />. Net Tax Capacity (NTC) growth of six percent was used to calculate the tax revenue <br />available <br />