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<br /> <br /> <br /> NEW BUSINESS – 9A <br /> <br /> <br /> <br /> <br /> <br />MEMORANDUM <br /> <br /> <br />DATE: December 14, 2015 <br /> <br />TO: Honorable Mayor and City Council <br /> <br />FROM: Sue Iverson, Acting City Administrator <br /> Director of Finance and Administrative Services <br /> <br />SUBJECT: 2016 Budget and Tax Levy <br /> <br /> <br />INTRODUCTION <br /> <br />In preparation for adoption of the final tax levy in December, staff has attached the November <br />16, 2015 worksession memo on the budget. This memo addressed the following information: <br />recap of residential property values, The City’s levy history, discussion on the preliminary levy <br />and budget, and excess revenue over expenditures with the estimated fund balance. <br /> <br />Staff prepared detailed budget books for the Council for the November 16, 2015, worksession. <br />In response to a Council request, a budget reduction was made for $23,000 moving the costs for <br />the City newsletter from the General Fund: Mayor and Council department to the Cable Fund. A <br />budget adjustment was also approved moving this amount in 2015 on November 30, 2015. <br /> <br />PRELIMINARY PROPERTY TAX LEVY AND BUDGET <br /> <br />Per Council direction, staff is presenting a Preliminary General Fund levy increase of 3.5% and a <br />preliminary General Fund Budget of $4,670,617 which uses $160,326 in reserves and includes a <br />transfer from the General Fund to the PIR Fund of $100,000. The proposed levy would have the <br />following effect on the median valued home in Arden Hills as shown on the following page. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />