Agenda - Council - 12/12/2017 - Laserfiche WebLink

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lour Misiion: To work together to reiposffity grow our community, and to provide quality, coat -effective, and efficient government ierrlcas. CC Regular Session 6. 1. Meeting Date: 12/12/2017 By: Diana Lund, Finance Information Title: Public Hearing on 2018 Tax Levies and General Fund Budget & Adopt Resolution #17-12-302 Adopting the 2017, Payable 2018 Municipal Tax Levy; Adopt Resolution #17-12-303 Adopting the 2018 General Fund Budget and Adopt Resolution #17-12-304 Adopting the 2018 Economic Development Authority (EDA) Budget 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 28, 2017. A budget/levy slide presentation will be provided that will outline the city's proposed 2018 levies and General Fund Budget. A brief recap of this presentation are as follows: 2018 Final Overall Levy: $11,374,395-no reduction from September Preliminary levy of $11,374,395. The final adopted levy in 2017 was $10,479,058. Levy Components: General Fund Levy: $9,395,242 ($8,670,635 - Year 2017) Debt Service Levies: $1,875,172 ($1,704,442- Year 2017) EDA Levy: $ 103,981 ($103,981 - Year 2017) The levy increase from payable 2017 to payable 2018 is mostly attributed to a full-time Senior Planner, full-time Park Maintenance Worker, part-time Administrative Assistant in Engineering, current IT Tech from part-time to full-time, election year (regular & special election), health & dental increases, the first year debt financing of the third road reconstruction projects that included Alpine Drive and Sunwood Drive, and increased debt service on Fire Station #2. 2018 Final Tax Capacity Rate: 41.656% (42.454% - Year 2017) 2018 General Fund Budget: $12,123,284 ($11,128,759 - Year 2017). 2018 EDA Budget: $111,481 ($113,981 - Year 2017)