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City of <br /> EW REQUEST FOR ACTION <br /> River <br /> TO ITEM NUMBER <br /> Mayor and City Council 10.4 <br /> AGENDA SECTION MEETING DATE PREPARED BY <br /> Work Session July 1, 2013 Tim Simon, Finance Director <br /> ITEM DESCRIPTION REVIEWED By <br /> 2014 Budget Discussion Cal Portner, City Administrator <br /> REVIEWED BY <br /> ACTION REQUESTED <br /> Discuss 2014 budget process and provide feedback. <br /> BACKGROUND/DISCUSSION <br /> Staff began developing the Preliminary 2014 budget in June. Budget meetings were held with directors <br /> and division managers as the preliminary requested budgets were compiled. <br /> This work session will discuss the 2014 budget parameters and tax levy. As you know, the Council must <br /> adopt a Preliminary (maximum) Tax Levy before September 15, 2013. The Preliminary Levy may be <br /> reduced on final approval,but shall not be increased. The final budget will not be adopted until <br /> December. The majority of the budgets will be discussed at meetings in July and August. <br /> Proposed Budget Timeline <br /> • July 1 Council work session—Discuss 2014 budget and process. <br /> • July&August work sessions —Present proposed budget&goals to Council with department <br /> directors and division managers in attendance (may schedule work sessions following regular <br /> meetings as needed). <br /> • September 3 regular meeting—Approve maximum tax levy. <br /> • October& November—Continue budget, Capital Improvement Plan and tax levy discussion. <br /> • December 2 regular meeting—Present final proposed budget; take additional public input; adopt <br /> final budget and tax levy. <br /> Levy Limits <br /> Levy limits were not in place for taxes payable 2013;however, there is a levy limit for taxes payable 2014. <br /> We are working through the instructions released from the Minnesota Department of Revenue and will <br /> review an estimate during the meeting. <br /> Tax Levy <br /> The tax levy accounts for approximately 71% of General Fund Revenue. The levy discussion will be very <br /> general since other revenues and expenditures are still at the preliminary discussion level. The chart <br /> below is a summary of the 2013 tax levy and the other levies that will need to be levied in 2014. Also <br /> included is an estimate of the levy limit max (only an estimate at this time). <br /> POWERED By <br /> N:APublic Bodies\Agenda Packets\7-01-2013\Final\x10.4 Budget Overview.docx INAMIRE1 <br />