CCP 12-13-2004 - Laserfiche WebLink

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y . ~ ~~HILLS . MEMORANDUM DATE: December 8, 2004 Agenda Item: 7.A TO: Honorable Mayor and City Council FROM: Murtuza Siddiqui, Finance Directorffreasurer ""<\5 SUBJECT: 2005 Proposed Budget BACKGROUND: At the June 21, 2004 Work Session, Murtuza Siddiqui presented an overview of the City's Financial Structure and requested the Council to provide a general guidance to staff as they prepare the Preliminary 2005 Budget. At that meeting, the following direction was provided by the Council: · Assume a levy increase in the range of3% to 4%, with a desire to stay closer to 3%. · Assume a 3% increase in step/COLA. . Increase per employee (non-bargaining) City contribution to health/dental benefits to $533 per month. . At the August 16,2004 Work Session, Michelle Wolfe and Murtuza Siddiqui presented a 2005 Preliminary Budget. Staff mentioned that based on the direction provided at the August 16th meeting, the budget will be adjusted accordingly over the next two to three months, prior to its finalization. The Council also directed staff to prepare a revised Five Year ClP and to conduct a Utility Rates Study. The revised budget would incorporate the revised CIP as well as the new utility rates. At the August's meeting, there was also a consensus to certify a preliminary tax levy of 4%, with an understanding that the final certification may change. At the November 15, 2004 Council Work Session, the Council reviewed and discussed a revised draft ofthe 2005 Budget. At the conclusion, Council directed staff to proceed with the preparation for the Truth-In- Taxation meeting, scheduled for December 6,2004. On December 6, 2004, Murtuza Siddiqui, Finance Director/Treasurer, presented the proposed 2004 Budget at the Truth-In-Taxation Hearing meeting. At the conclusion of the meeting, the Mayor announced that the hearing has been concluded and that there will not be a need to . schedule a follow-up hearing date.