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<br /> <br />Request for Action <br /> <br /> <br />To Item Number <br />Mayor & Council 8.1 <br />Agenda Section Meeting Date Prepared by <br />General Business September 3, 2019 Lori Ziemer, Finance Director <br />Item Description Reviewed by <br />Set Budget Meeting Date and Adopt Preliminary Cal Portner, City Administrator <br />2020 Tax Levy <br />Reviewed by <br /> <br /> <br />Action Requested <br /> Set, by motion, the budget meeting for December 2, 2019, at 6:30 p.m. at which public comment <br />will be taken. <br /> Adopt, by motion, a resolution authorizing the preliminary property tax levy for collection in <br />2020. <br /> <br />Background/Discussion <br />The Council must approve the maximum tax levy for certification to the county auditor by September 30, <br />2019. The attached levy resolution sets the levy at $13,087,770, which includes funding $100,000 for Lake <br />Orono dredging and $150,000 for government building reserves. <br /> <br />As of the end of August, NTC values for taxes payable 2020 were not yet available from the county so <br />the preliminary tax rate is based on county estimates received at the start of the budget process. <br /> <br />Since the August 19 meeting, the city was able to reduce the tax levy and general fund budget $18,000. <br />This reduction results from a $24,500 savings in worker’s comp premiums due to a decrease in the city’s <br />experience modifier and the additional vendor costs of $6,500 for Elk RiverFest. The 2020 General Fund <br />budget is currently $17,005,600, which is a 4.8% increase over 2019. <br /> <br />Over the next few months staff will continue to review and evaluate cost estimates and revenue data for <br />further adjustments to finalize the budget for adoption on December 2, 2019. <br /> <br />The County Board of Commissioners has set December 2, 2019, at 6:00 p.m. as the county’s budget and <br />levy hearing date. <br /> <br />Financial Impact <br />City of Elk River property tax levy for collection in 2020. <br /> <br />Attachments <br /> Resolution setting City of Elk River property tax levy for collection in 2020 <br /> 2020 preliminary tax levy <br /> 2020 General Fund preliminary budget <br /> Estimated tax impact on residential and commercial/industrial properties <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />