Agenda - Council - 12/09/2014 - Laserfiche WebLink

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lour 1111.1siion: To work together to reiposibty grow our community, and to provide quality, coat -effective, and efficient government ierrlcas. CC Regular Session 6. 1. Meeting Date: 12/09/2014 By: Diana Lund, Finance Information Title: Public Hearing on 2015 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, 2014. A budget/levy slide presentation will be provided that will outline the city's proposed 2015 levies and General Fund Budget. A brief recap of this presentation are as follows: 2015 Final Overall Levy: $9,407,821-reduction of $2,677 from September Preliminary levy of $9,410,498 due to final sale of capital equipment certificates in November ($8,772,143 - Year 2014). Levy Components: General Fund Levy: $7,921,570 ($7,201,570 - Year 2014) Debt Service Levies: $1,369,807 ($1,240,828- Year 2014) EDA Levy: $ 116,444 (121,783 - Year 2014) The levy increase from payable 2014 to payable 2015 is mostly attributed to the issuance of capital equipment certificates to fund 50% of capital equipment budgeted expenditures; road reconstruction funding due to the absence of Tax Increment Fund #4 funding and first year of road debt; personnel costs for a 2% COLA, 5.25% health insurance increase, mandatory retirement % for PERA increasing, and the addition of one full-time park maintenance personnel to begin April 1, 2015; and a decrease in permit revenue forecasted by the community development/building department for 2015. 2015 Final Tax Capacity Rate: 42.18% (44.24% - Year 2014) 2015 General Fund Budget: $10,423,759 ($9,750,135 - Year 2014). 2015 EDA Budget: $204,301 ($128,050 - Year 2014) As the city will be dissolving the Housing and Redevelopment Authority (HRA) effective January 1, 2015, the expenditures that were related to this function - $207,502 for personnel and parking ramp maintenance have been distributed between the budgets of the EDA and the General Fund . As the HRA levy had been the previous funding source of these expenditures, the HRA fund balance of year ending December 31, 2014 will be used to offset the expense to the General Fund and EDA Fund for budget years 2015 and 2016. All EDA and General Fund documents are included together, as the EDA levy calculates into the total general levy calculation of the city and thus accounts for the several motions listed below.