6.4. SR 09-13-2010 - Laserfiche WebLink

Home Browse Search

REQUEST FOR ACTION To Item Number Ci Council 6.4. Agenda Section Meeting Date Prepared by Bud et Worksession Se tember 13, 2010 Lori ohnson, Ci Administrator Item Description Reviewed by Adopt 2011 Tax Levies and Set Budget Meeting Date Reviewed by Action Requested Adopt the following resolutions and motion: 1. A resolution authorizing the proposed property tax levy for collection in 2011. 2. A resolution approving the Housing and Redevelopment Authority 2011 tax levy. 3. A resolution approving the Elk River Economic Development Authority 2011 tax levy. 4. A motion to set the budget meeting at which public comment will be taken for December 6, 2010, at 6:30 p.m. Background/Discussion The Council must approve the maximum tax levy for certification to the County Auditor by September 15. Consistent with past Council discussion, the attached levy resolution calls for a levy identical to last year's levy. Of course, the Council may adjust the amount at the meeting prior to adopting the levy resolution. At the last Council meeting, the remainder of the budgets were presented with the exception of the enterprise fund budgets that will be reviewed later this year. In addition, the Council approved two changes to the budget during that meeting; those changes are included in the budget data attached to this memo. A 2011 General Fund Budget Summary is attached showing the changes and the current budget gap of $521,400. That gap includes approximately $311,000 of capital outlay, does not include the anticipated 2011 LGA of $686,800, and does not include the use of fund balance that has been assumed at $325,000. If all capital outlay requests currently in the budget are funded, which is unlikely, the budget would increase 2.8 percent. The Council must approve the budget following public input at the December 6 meeting. Therefore, no action to balance the budget is required now. Further, staff recently received an updated net tax capacity (NTC) estimate from the County. The new estimate of a 3.1 percent decrease in NTC for taxes payable in 2011 is very close to the original estimate. Overall the NTC is expected to decrease approximately $775,000. Keep in mind that the final NTC typically changes slightly after abatements and other corrections are made by the County before the final NTC is calculated. Finally, the detail budget information distributed for the 2011 budget work sessions with department staff is not included with this memo. If you want another copy of that material, please contact me.