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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 />