12-10-07 Item 7A Proposed Budget

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~ ~HILLS MEMORANDUM DATE: September 10, 2007 Agenda Item 7 .A.I, 2, 3 TO: Honorable Mayor and City Council FROM: Michelle Wolfe, City Administrator Sue Iverson, Finance Director SUBJECT: Adoption of the 2008 Budget and Tax Levy Background: At the May 21, 2007 Work Session and a subsequent Work Session on August 27, 2007, Council provided staff with guidelines to initiate work and prepare a Preliminary 2008 Budget. At these meetings, the Council provided staff with general guidelines and based on these guidelines, a draft preliminary budget was presented at the November 19,2007 Work Session for discussion. The current version of the budget reflects the changes discussed at that Work Session. On September 10, 2007, the Council adopted a preliminary Tax Levy in the amount of $2,836,997. The County has received the certification notice. On December 3, 2007, the City held the Truth-in-Taxation meeting. At the conclusion of the meeting, the Mayor closed the public hearing. Discussiou: The attached 2008 Proposed Budget has projected revenues of $9,513,130 and projected expenditures of $9,331,559. This budget includes expenditures and revenues across all funds. The General Fund budget is proposed at $3,641,194 revenues and expenditures. The only changes in the attached budget from the Work Session are the updates for the market study in compensation across departments (this was netted against the $25,000 in contingency), new contingency amount is $11,355, and a reduction of $1,000 in the amount set aside for NYFS as per Council direction. If adopted, this copy will serve as a draft working copy for staff and Council until the Final bound version is completed and ready for submission to the GFOA awards program. After the adoption of the final budget and the final levy on December 10,2007, the City will certify the final levy amount to the County before the end of the year.