Agenda - Council Work Session - 09/10/2024

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2. 1. CC Work Session Meeting Date: 09/10/2024 PrimaryStrategic Plan Initiative: Identify and implement operational efficiencies,cost savings and additional g funding sources. Information Title: Final 2025 Budget/Levy Review Before Preliminary Adoption on 9-24-24 Purpose/Background: Continuation of the discussion pertaining to the 2025 General Fund Budget and tax levies. One further review before preliminary adoption. At the budget worksession of August 27,2024,the final majority consensus was to bring forward an 8.3%levy increase,which would be established by funding the $300,0000 for the 2025 expense of the fire engine via an internal loan. The loaning fund for said$300,000 will be from the PIR fund,whose repayment will be included in the 2026 budget/levy discussion to determine the best source of reimbursement. Staff has received updated wage information from comparable cities and all positions have been updated with the market rate trends. Any changes have been incorporated within the updated General Fund Budget. These changes reflected about a$17,000 decrease in the levy. The levy increase, after taking into consideration the above,now stands at 8.24%. All attached budget documents have been updated. The question was asked at an earlier worksession in regard to how much the city contributes to non-profit organizations. Attached is a detail of the respective organizations -Alexandra House and Youth First and the amount of contributions they received from the city for the years 2020 thru August 2024. All funding comes from the Lawful Gambling Fund and not the annual property tax levy. Preliminary adoption of the 2025 General Fund Budget and preliminary levies is scheduled for the regular City Council meeting of September 24, 2024. Timeframe: 15 minutes Funding Source: Responsible Party(ies): Finance Director and City Administrator Outcome: Determination of preliminary levy amount to be adopted at September 24, 2024 regular City Council meeting.