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09-26-22-R
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09-26-22-R
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Page 1 of 6 <br />NEW BUSINESS – 10B <br />MEMORANDUM <br />DATE: September 26, 2022 <br />TO: Honorable Mayor and City Councilmembers <br />Dave Perrault, City Administrator <br />FROM: Gayle Bauman, Finance Director <br />SUBJECT: Consider Approval of Preliminary Tax Levy Payable in 2023 and Setting Budget <br />Public Hearing Date <br />Budgeted Amount: Actual Amount: Funding Source: <br />N/A N/A N/A <br />Council Should Consider <br />Motions to approve, table or deny the following: <br />•Resolution 2022-042 setting the Preliminary Levy for Taxes Payable in 2023 <br />•Resolution 2022-043 adopting Truth In Taxation Public Hearing Date for Proposed Taxes <br />Payable in 2023 <br />All items need a simple majority for action unless otherwise noted. <br />Background <br />State law requires that cities certify their proposed property tax levies to the county auditor by <br />September 30th. The proposed tax levy that is given preliminary approval may be lowered but <br />cannot be increased. Therefore, it is important that the proposed tax levy provides adequate <br />revenues to finance the 2023 Budget. The City Council needs to decide the maximum levy that it <br />is willing to approve and then adopt the attached resolution. The final levy will be set in December <br />2022. <br />A budget workshop was held with the Council on August 15, 2022. Staff was directed to provide <br />proposed maximum levy increase options from 4% to 7%. There will be another budget workshop <br />in either October or November, prior to the final levy and budget adoption meeting in December. <br />Discussion <br />Wages and Benefits <br />The 2023 preliminary budget is currently being prepared assuming a 3.0% wage adjustment for all staff. <br />There was a survey completed of neighboring communities and many are at 3.5% or higher. It is important <br />for the City to remain competitive in the marketplace. There is also a 6.5% increase assumed for health, <br />a 3% increase for dental and a 0.0% increase for life insurance premiums. The number of positions <br />included in the budget is remaining the same. There are changes to some of the wage allocations, the City
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