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Memo - City Council 2016 Budget and Tax Levy 4 The General Fund Revenue and Expenditures are summarized on page VI of the November 16, 2015 memo. The only exception is the removal of the $23,000 in newsletter expenses. The proposed revenues are $4,510,291, expenditures are $4,670,617, and reserves used to balance this budget are $160,326. This is with a tax levy increase of $119,000. All other funds were discussed at the November 16, 2015, worksession. as well as the 2016 – 2020 Capital Improvement Plan (CIP). A copy of the CIP was distributed to the Council at this worksession and the change directed by Council to add $50,000 to 2016 and move $425,000 from 2016 to 2017 for the Hwy 96 and County Road F Sidewalk Improvement was completed and is reflected on the new summary sheets attached. GENERAL INFORMATION A final levy needs to be established and certified by December 28th. As Council knows, once a preliminary levy is established, the amount can be reduced, but it cannot be increased. The information on the preliminary budget and levy has been updated per Council direction at the November 16, 2015 worksession, but staff has not prepared revised books at this time. The City Council previously reviewed the 2016 – 2020 CIP at the November 16, 2015, worksession. Staff has made the change directed by Council to add $50,000 to 2016 and move $425,000 from 2016 to 2017 for the Hwy 96 and County Road F Sidewalk Improvement. A summary of that plan is attached. REQUESTED ACTION 1. Motion to approve the 2016 – 2020 CIP as presented. 2. A motion to approve Resolution 2015-054, a resolution adopting the 2016 Budget. 3. A motion to approve Resolution 2015-055, a resolution setting the Final Levy to taxes payable in 2016. Attachments Attachment A: November 16, 2016 Budget and Tax Levy Memo. Attachment B: Summary of the 2015-2020 CIP. Attachment C Resolution 2015-054. Attachment D: Resolution 2015-055.