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Eclty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 10.4 <br /> Agenda Section Meeting Date Prepared by <br /> Worksession July 6, 2015 Tim Simon, Finance Director <br /> Item Description Reviewed by <br /> 2016 Budget Discussion Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Discuss 2016 budget process and provide feedback. <br /> Background/Discussion <br /> Staff has begun developing the preliminary 2016 budget which includes meetings with department <br /> directors and/or division managers after the preliminary budget requests are compiled. <br /> This Work Session will begin the budget review with the 2016 tax levy and budget parameters and <br /> culminates with the adoption of the maximum tax levy prior to September 30, 2015. A state law change <br /> now allows for the maximum general levy approval on or before September 30,however the EDA and <br /> HRA levies are still required on or before September 15. The final budget will be adopted in December. <br /> The majority of the budgets will be discussed at meetings in July and August. <br /> Proposed Budget Timeline (summary) <br /> ■ July 6 Council Work Session—General 2016 budget discussion and process. <br /> ■ July&August Work Sessions —Presentation of proposed budget&goals to Council with <br /> department directors and division managers in attendance. <br /> ■ September 7 Regular Meeting—Approve maximum tax levy. <br /> ■ September 14—Presentation of proposed Enterprise Fund budgets. <br /> ■ October& November—Continue budget, Capital Improvement Plan and tax levy <br /> discussion. <br /> ■ December 7 Regular Meeting—Present final proposed budget; take additional public input; <br /> adopt final budget and tax levy. <br /> Levy Limits <br /> There are no levy limits for 2016. <br /> Consumer Price Index (CPI) <br /> The Midwest Region CPI is currently trending up at about 0.86%, as of May over the end of last year. <br /> Change in Net Tax Capacity <br /> Last year, the city Net Tax Capacity (NTC) increased 4.96% after several years of decreases. The <br /> Assistant County Administrator estimates 4-4.5% NTC increase for taxes payable in 2016. He indicated <br /> residential values increased approximately 6%, commercial/industrial values held the same or decreased <br /> POWERED 6T <br /> Template Updoted 4/14 INAMIRE1 <br />