7A, Adoption of the final 2011 Budget and Tax Levy

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� � U1�E _N�HILLS MEMORANDUM DATE: December 13, 2010 TO: Hor�orable Mayor and City Cauncil FROM: Patrick Klaers, City Administrator Sue I�erson, Finance Director � SUSJECT: Adoption o£ the Fina12011 Budget and Tax Levy Background: At the June 21, 2010 worksession, Council provided staff with guideIines to initiate work and prepare a Preliminary 2011 Budget. Based on these guidelines, stafF presented a draft preliminary budget to the Council at the August 16, 2010 worksession and a subsequent warksession on Novein.ber 1 S, 201 U, for discussion. The current version of the hudget reflects the changes discussed at those woricsessions. On September 13, 2010, the Cou�cil adopted a prel�tninazy Tax Levy in the anaount of $3,0$8,9G4. T�e County has received the certifcation notice and proposed tax statement were sent out to all property taY owners. On December 6, 2010, the City held the Truth-in-Taxatian hearing during a special City Council meeting. At the conclusion of the meeting, the Mayor closed the public hearing. Discussion: The attached 2011 Proposed Bvdget has projectad revenues of $10,218,392 and projected expenditures of $13,060,056. This budgei includes e�penditures and reven.ues across all funds. The General Fund budget is proposed at revenues of $3,$97,2I7 and expenditures of $3,917,217. The only changes in the attached budget from the worksession are the reductions of $28,000 in axpenditures and the use of $20,000 af reserves as directed by CounciL This reduces the Proposed Tax Levy from $3,088,964 {a 2.�% ir�crease over 2010) to $3,040,964 (a 0.$% increase over 2010). There were no changes rrzade to the proposed Capital Improvement Plan (CIP) presented at th.e worksession. Recommended Actian: Motion to approve the 201 I-2015 Capital Impravement Plan (CIP) as presented. 2. Adopt Resolution 2010-478, a Resolution adopting the proposed 2011 Budget in the arnount of $13,ObQ,QS6.