Agenda - Council - 12/10/2013 - Laserfiche WebLink

Home

Our Mission: Ti work together to responsibly grow our conununity, and to provie quality, cost-effective, an efficient government services CC Regular Session Meeting Date: 12/10/2013 By: Diana Lund, Finance Information Title: Public Hearing on 2014 Tax Levy and General Fund Budget & Adoption of Final Levies and Budgets Purpose/Background: Purpose: The city is required to hold a meeting where the city's budget and levy will be discussed and the public can give input. The city is required to adopt a levy and certify to the county auditor by December 29, 2013. A budget/levy slide presentation will be provided that will outline the city's proposed 2014 levies and General Fund Budget. A brief recap of this presentation are as follows: 2014 Final Overall Levy: $8,564,341-reduction of $159,000 from September Preliminary levy of $8,723,341 ($7,998,213- YR 2013) Levy Components: General Fund Levy: $7,201,730 ($7,248,829-YR 2013) Debt Service Levies: $1,240,828 ($644,918-YR 2013) EDA Levy: $ 121,783 (104,466-YR 2013) 2014 Final Tax Capacity Rate: 44.284% (44.288% - YR 2013) 2014 General Fund Budget: $9,750,135 ($10,293,837 - YR 2013) All EDA and General Fund documents are included together, as the EDA levy calculates into the total general levy calculation of the city. Only the Levy of the HRA stands alone and that levy will be presented for adoption at the HRA meeting later this evening. Notification: At is regular meeting of September 10, 2013, City Council agreed upon December 10, 2013 at 7:00 PM to hold a public meeting on the 2014 levy and budget. This date and time was printed on the proposed tax statements that were sent to each taxable property. Observations/Alternatives: Option #1 - Motion to Adopt Resolutions #13-12-224 adopting the 2013 Payable 2014 EDA levy in the amount of $121,783; Adopt Resolution #13-12-225 Adopting the 2014 EDA Budget in the amount of $128,050; Adopt Resolution #13-12-226 Adopting the 2013, Payable 2014 Municipal Tax Levy in the amount of $8,564,341 and Adopt Resolution #13-12-227 Adopting the 2014 General Fund Budget in the amount of $9,750,135. Option #2 - Motion to Adopt Resolutions as stated above in Option 1, but with the following modifications: Option#3 - Motion to not adopt the attached resolutions. If a final levy is not adopted it reverts back to the proposed September Levy. Funding Source: The EDA levy supports the EDA budget and the General Levy supports the General Fund Budget and debt service. Recommendation: Staff Recommends Option #1 as outlined above. The direction of the City Council at the last budget worksession was to reduce the proposed 2014 levy to stay constant with the adopted 2013 tax rate and staff has accomplished this with Option #1. Action: Motion to recommend City Council Adopt Resolutions #13-12-224 adopting the 2013 Payable 2014 EDA levy in the amount of $121,783 and Motion to recommend City Council Adopt Resolution #13-12-225 Adopting the 2014 EDA Budget in the amount of $128,050 and Motion to recommend City Council Adopt Resolution #13-12-226 Adopting the 2013, Payable 2014 Municipal Tax Levy in the amount of $8,564,341 and Motion to recommend City Council Adopt Resolution #13-12-227 Adopting the 2014 General Fund Budget in the amount of $9,750,135. 2014 Final EDA Lew Res 2014 EDA Budget Attachments