7B, 2013 Proposed CIP, Final Budget and Tax Levy

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Memo - City Council 2013 Proposed Final Budget and Tax Levy 7 Capital Funds were most recently discussed in November and only a few minor changes were requested. These adjustments have been incorporated into this budget and are reflected in the attached summary pages. Enterprise Funds have been evaluated and changes made to 2013 Rate Increases accurately reflect economic conditions and historical trends. An updated rate study has been done and discussed with the City Water 7% Council and FPAC at worksessions and will be discussed again at Sanitary Sewer 2% the Council meeting on December 10, 2012. The rates included in Surface Water 3% the proposed 2013 budget are from the 2008 Rate Study. GENERAL INFORMATION A final levy is established and certified in December. As Council knows, once a preliminary levy is established, the amount can be reduced, but it cannot be increased. It should be noted that the 3.0% levy increase provides no opportunity to build fund balances in capital funds (Park Fund, PIR/Capital, and Public Safety). The final budget includes the use of $20,453 in reserves to balance the budget. REQUESTED ACTION: 1. Motion to approve the 2013-2017 CIP as presented. 2. A motion to approve Resolution 2012-048, a resolution adopting the 2013 Budget. 3. A motion to approve Resolution 2012-049, a resolution setting the Final Levy for taxes payable in 2013.