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<br />~c:L <br /> <br />CITY COUNCIL WORK SESSION <br />Topic Report: 2010 General Fund Budget <br />By: Diana Lund, Finance Officer <br /> <br /> <br />Background: <br /> <br />A preliminary levy and budget is required to be adopted by September 15. Staff is <br />proposing adoption at the regular City Council meeting of September 8, 2009. <br /> <br />The City recently received notice from the Department of Revenue that our levy limit cap <br />is $8,660,445 in comparison to $8,462,087 for 2009 or a levy limit increase of$198,358. <br />The City had a final levy of $8,427,087 in 2009 (this included the General Fund levy, <br />EDA levy & the Mississippi Sub District #1) <br /> <br />For preliminary 2010 levy, if the tax capacity rate is to stay constant with the 2009 rate of <br />approximately 39.3%, the City would propose a levy of$7,515,792. This would leave <br />$1,144,653 of unused allowable levy. Iflevy limits are to stay in place for 2011, as <br />currently proposed, the City would have their levy limits calculated off of the proposed <br />$7,515,792 levy (if adopted). <br /> <br />Action Statement: <br /> <br />.. Further discussion of 20 10 General Fund Budget and respective levy, <br /> <br />Reviewed By: <br /> <br />~LO <br /> <br />City Administrator: <br />Finance Officer <br /> <br />CCWS: 9/1/09 <br />