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CITY COUNCIL WORK SESSION <br />Topic Report: 2011 General Fund Budget <br />By: Diana Lund, Finance Officer <br />Background: <br />i <br />,~~ ~ <br />~.. <br />„r ~~~~:, <br />The preliminary adoption of the 2011 General Fund Budget is set to be adopted at a <br />special city council meeting of September 7, 2010. <br />At the August 9 worksession staff was directed to bring forward a levy that reflected an <br />approximate tax rate of 39.99%. <br />The 2011 preliminary tax rate of 39.99% is an increase over the adopted, 20101evy rate, <br />but overall, the property tax levy is decreasing by $413,721 (-4.84%) from $8,542,330 to <br />$8,128,609. <br />The proposed 2011 General Fund Budget is decreasing by $248,641 (-2.6%) from <br />$9,698,041 to $9,449,400. <br />To reach the preliminary rate of 39.99% staff needed to cut $92,000 from the original <br />budget that was presented to council on June 29. <br />Staff will discuss the impact of the $92,000 reductions at the August 24 worksession. <br />The previously scheduled August 31 worksession to discuss the budget may not need to <br />be held, pending discussion. <br />Action Statement: <br />Finalize preliminary budget & levy for September 7 adoption. <br />Reviewed By: <br />City Administrator: <br />Finance Officer <br />CCWS: 8/24/10 <br />