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ARDEN HILLS CITY COUNCIL - December 10, 2007 4 5. PULLED CONSENT ITEMS None 6. PUBLIC HEARINGS None 7. NEW BUSINESS A. 1. Motion to Approve Resolution 07-75. a Resolution Adoptinl! the Proposed 2008 Budl!et in the Amount of $9.331.559. Finance Director Iverson reported that at the May 21, 2007 Council Worksession and a subsequent worksession on August 27, 20007, Council provided staff with guidelines to initiate work and prepare a Preliminary 2008 Budget. She stated that on September 10, 2007, Council adopted a preliminary Tax Levy in the amount of $2,836,997 and on December 3, 2007, a Truth- in-Taxation meeting was held and at the conclusion of the meeting the Mayor closed the Public Hearing. She reported that what is before Council is the 2008 Budget with revenues of $9,513,130 and projected expenditures of $9,331,559. Finance Director Iverson stated this budget includes expenditures and revenues across all funds. She stated the General Fund budget is proposed at $3,641,194 in revenues and expenditures. Fiuance Director Iverson reported the only changes in the budget are the updates for the market study in compensation across departments, new contingency amount of $11,355, and a reduction of $1,000 in the amount set aside for Northwest Youth and Family Services as per Council direction. She stated that if adopted, the budget would 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. Fiuance Director Iverson stated that as part of the annual budget and levy adoption process, the Council is asked to approve the 2008 City contribution for employee benefits. She reported the employee contribution rate of $648 per month per employee for 2008 has been calculated into the proposed budget. Councilmember McClung mentioned he reviewed the public documents and reported that in September 2007, Council voted to certifY a levy no higher than a 6%. He stated he is still at the point of not being willing to support more than a 4.0% levy. He questioned how much the budget would be impacted at the 4.0%. Finance Director Iverson replied there would be no contingency dollars and would need to reduce the Operating Budget and General Fund by $2,500. She indicated the City would see a 2.8% decrease and the average homeowner would realize a decrease of$3.68 from last year's rate. She specified this is an average decrease.