Agenda - Council - 12/08/2020 - Laserfiche WebLink

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CC Regular Session Meeting Date: 12/08/2020 By: Diana Lund, Finance Information Title: PUBLIC HEARING on 2021 Tax Levies and General Fund Budget • Adopt Resolution #20-291 Adopting the 2020, Payable 2021 Municipal Tax Levy • Adopt Resolution #20-292 Adopting the 2021 General Fund Budget • Adopt Resolution #20-293 Adopting the 2021 Economic Development Authority (EDA) Budget 6.2. 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 31, 2020. A budget/levy slide presentation will be provided that will outline the city's proposed 2021 levies and General Fund Budget. A brief recap of the proposed levy to be adopted is as follows: • 2021 Final Overall Levy: $13,009,808 - a $123,868 reduction (reduction in debt levy on public works campus due to lower construction costs than originally estimated) from September Preliminary levy adopted September 22, 2020, of $13,133,676 • The final adopted levy in 2020 was $12,509,232 Levy Components: General Fund Levy: $11,154,848 ($10,670,932 - Year 2020) Debt Service Levies: $1,779,600 ($1,746,887- Year 2020) EDA Levy: $ 75,360 ( $91,413 - Year 2020) The levy increase from payable 2020 to payable 2021 is mostly attributed to Cost of Living Adjustments (COLA) health insurance premium increases and workers compensation insurance premium increases. Other personnel related factors include: a full-time Patrol Officer, full-time Parks Maintenance worker, part-time Police Records Technician and a position reclassification (Administrative Assistant to Deputy City Clerk). The levy portion attributed to debt service is seeing an increase due to the issuance of new debt related to the funding for the new public works campus. 2021 Final Tax Capacity Rate: 39.009% (39.592% - Year 2020) 2021 General Fund Budget: $14,383,348 ($13,303,589 - Year 2020) 2021 EDA Budget: $85,360 ($98,913 - Year 2020) All EDA and General Fund documents are included together, as the EDA levy calculates into the total general levy calculation of the city and thus accounts for the several motions listed below. Notification: