Res. #11-029 - Adopting Budget & Tax Levies for 2012

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Introduction Honorable Mayor and City Council, Enclosed is the 2012 budget as prepared by City Staff, in accordance with City Council guidance. As you are aware, the construction of the 2012budget is a year long process commencing with Mayor, Council, and Staff input, numerous budget work sessions, and finally culminating in the provided document. Some of the initiatives and goals that were set forth during this budget process included maintaining the current level of city services, fully funding a street maintenance plan, keeping constant the current overall levy, and maintaining appropriate levels of fund balances. Ultimately, the Mayor and City Council balanced the 2012 by administering the following: decreasing City staff from ten full time equivalents to eight, freezing employee base salaries/insurance contributions, and using a small portion of fund balance. General Fund Budget Summary Revenue Property Tax (Tax Levy): The property tax levy as proposed is projected to remain constant--$2,268,800 in 2011 to $2,268,600 in 2012 or 0%. The components of the 2012 levy are chronicled below: General Levy $1,739,600 2005 A Bond Levy $70,000 2009 A Bond Levy $215,000 2011 A Bond Levy $244,000 Total $2,268,600 Special Assessments: The City is projecting a 17% increase in this classification and is budgeted at $14,000 for 2012. Licenses and Fee: The City is projecting a decrease in this revenue classification for 2012 and is budgeting $25,400 or a 16% decrease from the 2011 budgeted amount. Building Inspection (Permits): The City is projecting a decrease in this category during 2012 and is budgeting $52,000 or a 12% decrease from the 2011 budgeted amount. Fines and Forfeits: The City is projecting no change in this revenue classification and is budgeting $33,500 for 2012. Interest Earnings The City is projecting no change in interest earnings and is budgeting $20,000 for 2012. Recycling (Score Funds) The City receives reimbursement in the form of SCORE funds from Anoka County for all related recycling activities. This classifications revenue is projected to remain stable at $16,500 for 2012. Overall, general fund revenues are budgeted at $2,059,800 or a 0.2% increase from the 2011 budget. For a graphical representation of revenues please see Appendix A and B.