Agenda - Council Work Session - 11/10/2015

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CC Work Session 2. 2. Meeting Date: 11/10/2015 Information Title: Discussion and Review of 2016 Proposed General/EDA Budgets and Levies Purpose/Background: Purpose: Further Review of Proposed 2016 General Fund Budget and 2016 Property Tax Levy. The City Council adopted the proposed 2016 General Fund Budget and levy at its regular meeting of September 22, 2015. The City received preliminary tax capacity numbers from the County and the proposed 2016 tax capacity rate, based on the approved preliminary levies, would be 44.307%, however, recommended reductions (see below) will lower that to 44.027%. Staff had previously estimated a proposed tax capacity rate, based upon the preliminary levy, of 43.862%. The budgets (General Fund and EDA Fund) are attached. They reflect a decrease of $64,773 over the preliminary budget reviewed and adopted on September 22, 2015. The revisions include a current General Fund budget of $11,074,101 versus $11,136,874 previously, and an EDA Fund budget of $83,618 versus $85,618 previously. The reductions were from individual department line -item budget reductions and a proposed position reclassification being eliminated. With the $64,773 budget reductions, the proposed 2016 tax levy will be reduced from $10,176,817 to $10,112,044, and the tax rate, is estimated at 44.027%. It is recommended that the City Council identify any additional budget items that they would like staff to specifically address prior to the public hearing on December 8. Timeframe: 30-45 minutes Funding Source: Responsible Party(ies): Finance Director Outcome: Review of budget documents and determination of final 2016 General Fund/EDA Fund Budgets and 2016 Payable levy. 2016 Proposed General/EDA Fund Budgets Levy Summary from 9-22-15 to 11-10-15 Tax Capacity Summary Home Value Comparison Attachments Form Review