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Memo - City Council <br />2018 Proposed Preliminary Budget and Tax Levy <br />5 <br /> <br /> <br />-Increase in the amount of budgeted transfers of 23.5% or $80,000 <br />-The increased transfers results in on ongoing need to sustain the EDA General Fund and <br />the Public Safety Capital Fund. <br /> <br />Revenues have largely remained the same from the previous year, noting that the City is <br />anticipating reduced antenna rental revenue. In the past, the City received higher than <br />anticipated building permit revenue, but no large projects have been identified for the 2018 fiscal <br />year. <br /> <br />Issues to Consider <br /> <br />As presented, the current General Budget is underfunded by approximately $380,000, with the <br />majority of the shortfall due to the previous budget being underfunded by $195,000 and the <br />increased costs associated with Public Safety and transfers to other funds. The City Council <br />should consider tax levy increases to offset the increased expenses. Staff has provided examples <br />of levy increases and their associated impacts. <br /> <br /> <br />3.0% Levy Increase ($109,239) <br /> <br />Overall City Impact <br /> <br />Actual Proposed % <br />Item Pay 2017 Pay 2018 Change <br />(A)(B)(C) <br />1.Levy before reduction for state aids $3,641,290 $3,750,529 3.0% <br />2.State Aids - $0 $0 0.0% <br />3.Certifed Property Tax Levy = $3,641,290 $3,750,529 3.0% <br />4.Fiscal Disparity Portion of Levy - $290,710 $320,003 10.1% <br />5.Local Portion of Levy = $3,350,580 $3,430,526 2.4% <br />6.Local Taxable Value ÷ 12,388,762 13,741,736 10.9% <br />7.Local Tax Rate = 27.045%24.964%-7.7% <br />8.Market Value Referenda Levy $0 $0 0.0% <br />9.Fiscal Disparity Portion of Levy (SDs only)- $0 $0 0.0% <br />10.Local Levy = $0 $0 0.0% <br />11.Referenda Market Value ÷ 1,174,488,300 1,266,285,800 7.8% <br />12.Market Value Referenda Rate = 0.00000%0.00000%0.0% <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />