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Request for Action <br />To Item Number <br />Ma Tor and CinT Council 10.3 <br />Agenda Section Meeting Date Prepared by <br />Work Session November 20, 2023 Lori Stich, Finance Manager <br />Item Description Reviewed by <br />2024 Budget oe Stremcha, Assistant Ci T Administrator <br />Reviewed by <br />Cal Portner, Ci r Administrator <br />Action Requested <br />Continue the 2024 budget discussion. <br />Background/Discussion <br />On September 18, the Council approved a maximum lev�T of $15,421,450, with a preliminar�T General Fund budget <br />of $21,557,350. Since then, additional adjustments of $61,750 have been made to bring the pYoposed levy to <br />$15,359,700 with an estimated tax rate of 38.933%, compared to 39.7% in 2023. <br />The le��T adjustments consist of General Fund revenue increases of $55,000 and expenditure reductions of $6,750. <br />Expenditure adjustments Yesulting from adjustments to peYsonal services and training costs Yeduce the GeneYal <br />Fund budget to $21,570,600, or a 5.3% increase over 2023. The General Fund budget consists of the same level of <br />services as 2023 and the budget increase is mainlyT impacted byT inflationaryT increases and costs associated `vith the <br />ne`v1yT added park amenities and cityT facilities. <br />Financial Impact <br />N/A <br />Mission/Policy/Goal <br />The cityT's mission is to grow responsibl�T and be good stewards for every dollar. <br />Attachments <br />General Fund Budget <br />Proposed Tax LevyT <br />Tax Impact <br />The Elk River Vision <br />A 2a�elcolning co�nlnunity 2a�ith T evolutiona� y and spizzted T esou� cefulness, exceptional <br />se�vice, and coln�nunity engagelnent that encou�ages and ins�iz•es pTo�pe�zty. <br />rowEREo ar <br />�I'1 ���� <br />Up�iited.• August 2020 <br />