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Request for Action <br />To <br />Item Number <br />Mayor and City Council =10.2 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />Work Session <br />I July 17, 2023 <br />Lori Stich, Finance Manager <br />Item Description <br />Reviewed by <br />2024 Budget Overview <br />Cal Portner, City Administrator <br />Reviewed by <br />Joe Stremcha, Assistant City Administrator <br />Action Requested <br />Overview of 2024 budget. <br />Background/Discussion <br />Staff has developed their preliminary 2024 budgets and meetings with department directors and/or division <br />managers to review their preliminary budget requests were scheduled in June. All of this leads to the Council <br />adopting a maximum tax levy prior to September 30 and the final budget adoption in December. <br />Proposed Budget Schedule <br />■ July/August Budget Work Sessions — Council budget work session dates are as follows: <br />0 1" Budget Work Session — Monday, July 24 at 4:30 p.m. <br />0 21 d Budget Work Session — Monday, August 14 at 4:30 p.m. <br />o Additional Work Session (if needed) — Monday, August 28 at 4:30 p.m. <br />■ September 18 Regular Meeting — Approve maximum tax levy. <br />■ October/November — Continue budget, Capital Improvement Plan and tax levy discussion. <br />■ December 4 Regular Meeting — Present and adopt final budget and tax levy. <br />The preliminary 2024 budget is developed based on the following initial estimates and may be adjusted as we <br />progress through the budget process: <br />■ Same level of services as the 2023 budget. <br />Wages and benefits: <br />o Captain's union — contract is up for renewal in 2024. <br />o Sergeants union - 2.5% general wage increase plus market adjustment (top 30% of peers). <br />o Patrol union - 3% general wage increase plus market adjustment (top 30% of peers). <br />0 49ers union - percent provided to non -union employees or 2.75%, whichever is higher. <br />o Non -union employees - 4% increase. <br />o Insurance benefits - 5% increase. <br />o Workers' compensation — 10% average rate increase. As was the case last year, due to public safety <br />PTSD claims about a 30% rate increase is projected for police job classes. <br />■ Fuel — projecting $4.50/gallon (diesel) for 2024, compared to $5.25/gallon used in the 2023 budget. <br />The state fuel contract will continue to be used. <br />The Elk River Vision <br />A welcoming community with revolutionary and spa* ed resourcefulness, exceptional service, and POWERED <br />community engagement that encourages and inspires pi osperzty INAMIRE1 <br />