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CC Work Session 2.2. <br />Meeting Date: 11/24/2020 <br />Information <br />Title: <br />Discussion and Update of 2021 Budget/Levy <br />Purpose/Background: <br />Purpose: To determine a final budget and levy for adoption at the December 8, 2020 City Council meeting. <br />Background: The preliminary budget and levy was adopted at the regular City Council meeting of September 22, <br />2020. The preliminary levy adopted was $13,133,676 or a 4.99% increase over the 2020 adopted levy of <br />$12,509,232. <br />Since the September 22 adoption, the city has received its preliminary tax capacity rate from the County 39.381% <br />(previously estimated at 39.571%). <br />For the November 24 work session the 2021 budget and levy have been amended to reflect the following: <br />1. $40,000 reduction in interest on internal loan for PW Campus. Internal Loan has been removed <br />2. $42,602 in debt service levy for PW Campus due to decreased construction costs <br />The above reflected a net decrease in levy of $82,602 or a new revised levy amount of $13,051,074 or a 4.33% <br />increase over 2020 and a proposed tax capacity rate of 39.132%. <br />No further changes have been made to Personnel Costs as union contracts are still in negotiation. <br />The following attachments are presented for review of the 2021 budget & levy: <br />1. Tax Capacity Rate Calculation <br />2. 2021 Personnel Requests <br />3. 2021 Capital Requests <br />4. 2021 Proposed General Fund Budget updated to reflect reductions noted above <br />5. 2021 Proposed EDA Budget <br />Timeframe: <br />30 minutes <br />Funding Source: <br />Responsible Party(ies): <br />Finance Director <br />Outcome: <br />Determine a final 2021 Property Tax Levy and 2021 General Fund Budget. <br />Attachments <br />Tax Capacity Rate Calculation <br />2021 Personnel Requests <br />