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The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community <br />engagement that encourages and inspires prosperity <br /> <br />Request for Action <br /> <br />To <br />City Council <br />Item Number <br />10.2 <br /> <br />Meeting Date <br />June 16, 2025 <br />Prepared By <br />Joe Stremcha, Business Services Director/Assistant <br />City Administrator <br /> <br />Item Description <br />2026 Budget Planning <br />Reviewed by <br />Lori Stich <br />Cal Portner <br />Tina Allard <br /> <br />Action Requested <br />Discuss the 2026 Budget. <br /> <br /> <br />Background/Discussion <br />2026 Budget Considerations: <br />▪ Cost of Living – Peers/neighbors at 3.5-4% <br />▪ Market Rate Adjustment – Compensation plan update <br />▪ Eliminate cell phone reimbursements with market rate adjustment. <br />▪ Health Insurance – 2026 rate cap of 19% <br />▪ Union contracts expire 12/31/25 (Patrol and Police Clerical) <br />▪ Property/Casualty insurance increases (2025 audit). <br />▪ Legislated Parental and Sick Leave mandate (estimated $80,000 citywide) <br />▪ Cannabis Retail Age Compliance Inspections <br />▪ Personnel Requests <br />▪ Cannabound/Northbound store construction and start-up. <br /> <br /> <br />Financial Impact <br />These factors guide staffs preparation of the annual budget. <br /> <br />Mission/Policy/Goal <br />Responsible for every dollar - good stewards. <br /> <br />Attachments <br />None <br /> <br /> <br />Page 630 of 637