3C, 2012 Proposed Final Budget and Tax Levy

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� EN HILLS MEMORANDUM DATE: November 21, 2011 TO: Honorable Mayor and City Council FROM: Patrick Klaers, City Administrator Sue Iverson, Director of Finance and Administrative Services SUBJECT: 2012 Proposed Final Budget and Tax Levy INTRODUCTION In preparation for adoption of the iinal tax levy at the first meeting in December, this memo addresses the following information: proposed tax levy, residential property values, operating budget, salary, and benefit changes, and fund balance projections. This information has been updated based on the feedback received from the City Council at the August 29, 2011 work session, updated numbers on insurance, and other discussions between staff and Council since August 29th. Please bring your copy of the budget that was distributed to you for the August 29, 2011 worksession. If you do not have this copy, we will have a copy can be pulled up on the screen if needed. There have been few changes made to the document except those noted in this memo. New summaries have been attached to this memo. PROPOSED TAX LEVY The table below provides a comparison of the 2011 adopted levy and the levy needed to support the proposed 2012 budget and capital projects. It also shows a comparison of the City's tax rate.