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4.01: Receive Update on 2019 Preliminary General Fund Budget and Levy <br /> Finance Director Lund presented the staff report. <br /> Member Hardin referenced the debt summary and asked if those are fixed rate. <br /> Finance Director Lund confirmed that the City does not carry variable rate debt and therefore <br /> they are all fixed rate. <br /> Member Hardin asked for information on fiscal disparities. <br /> Finance Director Lund explained that the fiscal disparity pool was put in place around 1970 and <br /> is based on the growth of commercial development and the sharing of tax base. <br /> Chairperson Steffen asked if there are any controversial items or what could perhaps be cut from <br /> the budget. <br /> Finance Director Lund stated that she presented the five options within the handout at the last <br /> Council meeting and the consensus of the Council was for an option 3A, which would use the <br /> amount from option three but would also provide the option to bring a second officer on in <br /> October 2019. She noted that in September the Council will adopt a preliminary budget and the <br /> amount could only be lowered after that time until the final budget is adopted in December. <br /> Member Riley stated that the Council has discussed this topic in worksession multiple times and <br /> one of the biggest issues has been staffing. He stated that the Council will consider the <br /> preliminary budget at the next meeting in September at the regular meeting. He welcomed <br /> comments from the EDA and residents. He stated that he is unsure that everyone will vote in <br /> favor for the budget. He noted that there is use of funds in this budget that help to mask some of <br /> the increases and advised that although that has a positive impact this year, there will be <br /> additional impacts in future years. He stated that although the property values have substantially <br /> increased over the past few years, he does not believe that the budget should rise in the same <br /> manner. <br /> Finance Director Lund stated that until the tax statements are received in November, the levy <br /> amount should be the focus as the overall impact to the tax payer will not be known until the <br /> other agencies submit their amounts. <br /> 4.02: Review 2018 EDA Business Appreciation Day Event <br /> Community Development Director Gladhill presented the staff report. <br /> Chairperson Steffen stated that he would love to see attendance back to 120 to 130. <br /> Economic Development Authority/September 13, 2018 <br /> Page 2 of 5 <br />