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clty <br /> Elk Request for Action <br /> R.iVer <br /> To Item Number <br /> Mayor and City Council 10.3 <br /> Agenda Section Meeting Date Prepared by <br /> Worksession July 5, 2016 Lori Ziemer,Interim Finance Director <br /> Item Description Reviewed by <br /> 2017 Budget Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Discuss 2017 budget process and provide feedback. <br /> Background/Discussion <br /> City staff has begun developing the preliminary 2017 budget. Budget meetings are currently being held <br /> with department directors and/or division managers and the preliminary requested budgets are being <br /> compiled. At this work session we will begin discussing the 2017 tax levy and budget parameters. All of <br /> this leads up to the Council adopting a maximum tax levy prior to September 30, 2016. The deadline for <br /> adoption of the EDA& HRA levy remains September 15. 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 (summary) <br /> ■ July 5 Council work session—General 2017 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 /> ■ August 15 regular meeting—Presentation of proposed Enterprise Fund budgets. <br /> ■ September 19 regular meeting—Approve maximum tax levy. <br /> ■ October& November—Continue budget, Capital Improvement Plan and tax levy discussion. <br /> ■ December 5 regular meeting—Present final proposed budget; take additional public input; adopt <br /> final budget and tax levy. <br /> Consumer Price Index (CPI) <br /> The CPI for the Midwest region went up approximately 0.8% from April 2015 to April 2016. <br /> Change in Net Tax Capacity <br /> Last year, the city's Net Tax Capacity (NTC) increased 3.8% after several years of decreasing. The <br /> County Assessor is currently working on updating the preliminary estimates of the NTC for payable 2017 <br /> and should be available soon. Early spring estimates indicated residential values increasing about 4%, <br /> commercial/industrial increased slightly over 1%, and apartments increased about 3%. Until we get <br /> updates from the county,we will use a 3.5-4%increase in NTC to begin the budget process. <br /> POWERED 6T <br /> Template Updoted 4/14 INAWRE1 <br />