Laserfiche WebLink
Eclty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 10.5 <br /> Agenda Section Meeting Date Prepared by <br /> Work Session August 5, 2019 Lori Ziemer, Finance Director <br /> Item Description Reviewed by <br /> 2020 Budget Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Continue 2020 budget discussion. <br /> Background/Discussion <br /> The preliminary budget is drafted based on the same level of services as in 2019 and is developed using a <br /> combination of historical data and future projections based on anticipated operations for 2020. In <br /> September, the Council will need to adopt the preliminary property tax levy,which is the maximum <br /> amount the city can levy for taxes payable 2020. <br /> The preliminary tax levy includes the following: <br /> ■ Early estimates from the county indicate about a 5.5% NTC increase - approx. $27,436,000. <br /> ■ Additional$150,000 for the full debt service payment for the public safety building bonds (taxes <br /> payable 2022 will be the last year as the bonds will be paid off February, 2023). <br /> ■ Tax abatement levy decreases due to an abatement payoff in 2019. <br /> ■ Government Building Reserve levy amount is the decrease of the tax abatement levy. <br /> ■ Lake Orono Dredging levy is the city's share for city-owned property along the lake. <br /> The draft General Fund budget totals $17,451,200,which is a 7.6%increase from the prior year. With the <br /> senior activities moving to the multi-purpose facility mid- 2020,it is anticipated about$106,500 could <br /> potentially be moved out of the General Fund. <br /> Staff seeks Council input in order to effectively and efficiently complete the budget process with direction <br /> for the preliminary property tax levy amount. <br /> Financial Impact <br /> N/A <br /> Attachments <br /> ■ Personnel Request Summary <br /> ■ Capital Outlay Summary <br /> ■ General Fund Summary <br /> ■ Preliminary Tax Levy <br /> The Elk River Vision <br /> A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By <br /> service, and community engagement that encourages and inspires prosperity INAMIRE1 <br />