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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 September 8, 2015 Tim Simon, Finance Director <br /> Item Description Reviewed by <br /> 2016 Budget Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Continue review of 2016 budget. <br /> Background/Discussion <br /> Over the past several months staff has presented the budget requests and related goals for each <br /> department. Staff will do an overview of the entire budget and provide an update on the preliminary levy. <br /> General Fund Update <br /> The Council must approve and certify a maximum levy to Sherburne County by September 30, 2015. <br /> The current proposed levy is a 3.4% or a 2.9% change without the quiet zone repayment for 2016. Staff <br /> will continue to review and adjust items as more information is available (i.e. fuel contract). <br /> A quick summary of the changes from 2015 —2016 proposed General Fund expenditure budget prior to <br /> adjustments is below: <br /> 2015 Adopted Budget $13,312,800 <br /> COLA 2% or by union contract 175,900 <br /> Staff adjustments (personnel sheet 0 <br /> Health Insurance/Pension changes (PERA) 97,000 <br /> Inflation/Exp. Adjustments <1.6% 212,700 <br /> 2016 Preliminary Budget $13,798,400 <br /> The city tax rate is projected to decrease from 47.19% to a range of 46.61%-46.82% for 2016,which is <br /> subject to change pending any final adjustments from the County Assessor on property values/final <br /> adjustments. <br /> Financial Impact <br /> N/A <br /> Attachments <br /> ■ General fund summary ■ Quite zone advance resolution <br /> ■ Capital outlay summary sheet ■ Preliminary 2015 tax values for taxes <br /> ■ Personnel summary sheet payable 2016 <br /> ■ Tax levy/Tax rate breakout ' Sample properties <br /> Template Updated 4/14 <br /> P 01 W E 0 E 0 O Y <br /> AU <br />