2.1.
| CC Work Session |
| Meeting Date: | 07/11/2023 |
| Primary Strategic Plan Initiative: | {ud_pd2} |
Information
Title:
Preliminary 2024 General Fund Budget/Levy Review
Purpose/Background:
First review of the 2024 General Fund budget and overall levy increase.
The City Council has expressed a desire to target a maximum percentage levy increase, but to date consensus direction has not been given to staff. Staff has opted to present the 2024 budget/levy differently this year. The budget document attached reflects a status quo budget from 2023, additional authorized expenditures by City Council, and capital requests that had other funding sources (all requests are subject to review and approval) - mostly attributed to police and fire whose funding will be from 2023 legislative funds that are to be used for public safety. These budget numbers alone reflect a 14.06% increase in the General Fund tax levy. Overall, the total levy, including pavement management, EDA & debt levies would reflect a 10.35% levy increase.
Staff has presented several items related to capital, personnel, misc items such as pothole patching requests that have not been included in the budget document at this time. It is the intention to have staff present to City Council why their requests should be "added" into the budget and thus increase the tax levy.
A General Fund levy summary is attached which reflects what the impact would be on the tax levy starting with the all-in requests, down to the current status quo budget noted above at the 14.06% increase.
Tax capacity values are not yet available from the County (have been given a July 14 date). Staff is not proposing estimated tax rates at this time, as preliminary estimates on market value from the county showed extremely large increases in tax value on commercial businesses and relatively flat for residential. Staff prefers to wait until actual data is received from the county.
Additional items will be handed out at the meeting. For example, detailed personnel requests, capital requests and a further detailed General Fund budget/levy notes.
The City Council has expressed a desire to target a maximum percentage levy increase, but to date consensus direction has not been given to staff. Staff has opted to present the 2024 budget/levy differently this year. The budget document attached reflects a status quo budget from 2023, additional authorized expenditures by City Council, and capital requests that had other funding sources (all requests are subject to review and approval) - mostly attributed to police and fire whose funding will be from 2023 legislative funds that are to be used for public safety. These budget numbers alone reflect a 14.06% increase in the General Fund tax levy. Overall, the total levy, including pavement management, EDA & debt levies would reflect a 10.35% levy increase.
Staff has presented several items related to capital, personnel, misc items such as pothole patching requests that have not been included in the budget document at this time. It is the intention to have staff present to City Council why their requests should be "added" into the budget and thus increase the tax levy.
A General Fund levy summary is attached which reflects what the impact would be on the tax levy starting with the all-in requests, down to the current status quo budget noted above at the 14.06% increase.
Tax capacity values are not yet available from the County (have been given a July 14 date). Staff is not proposing estimated tax rates at this time, as preliminary estimates on market value from the county showed extremely large increases in tax value on commercial businesses and relatively flat for residential. Staff prefers to wait until actual data is received from the county.
Additional items will be handed out at the meeting. For example, detailed personnel requests, capital requests and a further detailed General Fund budget/levy notes.
Timeframe:
1 1/2 hours
Funding Source:
Responsible Party(ies):
Finance Director and City Administrator
Outcome:
Review of preliminary budget/levies and additional requests.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Brian Hagen | Brian Hagen | 07/06/2023 02:07 PM |
- Form Started By:
- Diana Lund
- Started On:
- 07/03/2023 12:04 PM
- Final Approval Date:
- 07/06/2023