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CC Work Session 2. 3. <br />Meeting Date: 11/26/2019 <br />Information <br />Title: <br />Discussion of 2020 Budget/Levy and Review of 5-Year Budget (2020-2024) <br />Purpose/Background: <br />Purpose: To determine a final budget and levy for adoption at the December 10, 2019 City Council meeting. <br />Background: The preliminary budget and levy was adopted at the regular City Council meeting of September 24, <br />2019. The preliminary levy adopted was $12,541,709 or a 6% increase over the 2019 adopted levy of $11,831,336. <br />Since the September 24 adoption, the city has received its preliminary tax capacity rate from the County 39.304% <br />(previously estimated at 39.563%). <br />For the November 26 work session the 2020 budget and levy have been amended to reflect the following: <br />1. $9,870 reduction in Personnel related costs due to changes in health insurance coverage <br />2. $8,412 reduction due to removing membership in the Metro Cities <br />3. $13,295 increase in revenue due to the estimate amount of reimbursement for the presidential primary election <br />4. $900 increase in park maintenance revenue from ARAA <br />The above reflected a net decrease in levy of $32,477 or a new revised levy amount of $12,509,232 or a 5.73% <br />increase over 2019 and a proposed tax capacity rate of 39.184%. <br />The following attachments are presented for review of the 2020 budget & levy: <br />1. Tax Capacity Rate Calculation <br />2. 2020 Personnel Requests <br />3. 2020 Capital Requests <br />4. 2020 Proposed General Fund Budget updated to reflect reductions noted above <br />5. 2020 Proposed EDA Budget <br />Attached are several documents related to not only 2020 but also for years 2021-2024 (Five -Year Budget) to reflect <br />the effect on budget, tax rates and levies for these years in response to personnel requests and debt related to roads, <br />capital equipment and the public works campus. The 2021-2024 numbers are strictly assumptions. <br />1. 2020-2024 Personnel Requests with annual costs <br />2. 2020-2024 Capital Equipment Requests <br />3. 2020-2024 Estimated Debt Levy <br />4. 2020-2024 Tax Capacity Tables (All new positions requested are included) <br />5. 2020-2024 General Fund Budget Summary (All new positions requested are included). <br />A summary of the budget assumptions used to complete the 5-year budget will be handed out at the worksession. <br />Timeframe: <br />30-60 minutes <br />Funding Source: <br />