1A Proposed 2009 Budget Overview

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Memo City Council 2009 Budget Preliminary Overview 3 General Fund Revenue Highlights General Fund revenues are generally flat, particularly construction-related revenues. Tax Lew The total tax levy required to fund the proposed 2009 budget is $3,003,322. This is an increase of$205,974, or 7.36 % over the 2008 levy. The tax levy required to fund the proposed 2009 General Fund budget, without the $110,063 contingency amount, is $2,893,259. This is an increase of$95,911, or 3.4 % over the 2008 levy amount. The contingency amount reflects the maximum levy available to the City. While a portion of this levy amount should be used as a contingency against unforeseen expenditures, the largest portion could be used to provide funding for future capital needs, including equipment replacement, building improvements,park improvements, housing rehabilitation, etc. Tax Capacity Rate and Impact of the Tax Levy on Property Owners The increase in the City's tax capacity is not known at this time. Meetings have been scheduled with Ramsey County on August 21" to receive that data. If additional information is received prior to the work session, staff will bring updated calculations to the work session.