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2014 Preliminary Budgets as of 7-10-13: <br />LEVY LIMIT: $7,482,518 (General Fund & EDA Fund)- $7,353,295-2013 <br />-Estimated tax capacity rate of 42.67% (44.29% in 2013). TIF 2 decertified in 2013. <br />- City can only increase regular General levy & EDA levy by $129,223 over 2013 adopted <br />- Debt Levy falls outside of limits: <br />Debt Levy Proposed for 2014: $1,062,708 ($644,918-2013) <br />Debt increase attributed to: <br />1. 2013 $635,000 Capital Equipment Certificates -Annual levy Est of $73,647 <br />2. Refinanced Muni Debt in 2012-Used savings from refinancing to reduce <br />2013 Levy on muni debt <br />-Proposed 2014 Tax Levy Requests of General Fund & EDA: $7,639,011 <br />-Amount of Budget Reductions Needed in General/EDA Budgets to Reach levy limit: <br />$156,493 <br />GENERAL FUND: <br />Proposed Budget: $9,996,384 ($10,293,837) Decrease of $297,453 <br />Proposed Levy: $7,502,272 (Exceeds levy Limits) <br />Major Changes from 2013 Adopted Budget: <br />Revenue: <br />-Property tax: Proposed General Levy of $7,502,272 (exceeds levy limits) <br />- Building Permit Revenue held constant at $260,000 <br />- LGA-20I3 Legislative Session reinstated $91,376 (was $0 since 2003) <br />( Had to subtract in calculating levy limits) <br />-Special Police Services decreased by $25,000-County Systems Admin contract ended <br />- Engr Revenue decreased by $372,500 ($577,500-20135205,000-2014) <br />Attributed to decrease in road funding in General Fund Budget from <br />$1,327,500 to $500,000) <br />-Transfers in from other funds decrease of $260,272 — One time funding from the PIR <br />Fund in 2013 for road maintenance funding ($219,493 decrease) <br />