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r <br /> 1 <br /> There would also be enough time to schedule a final budget workshop if desired, prior to <br /> the City having to adopt the final levy amount. <br /> Included in your packet is the final draft of the proposed budget. There are three changes <br /> since the last version that you have seen. First, the proposed cost for professional audit <br /> services has been increased from $7600 to $8000 (account # 41500). This is due to a <br /> contract proposal received from City Auditors Abdo, Abdo, Eick and Meyers. The <br /> second change is a reduction from anticipated police department expenditures from <br /> $378,991.90 to $373,335.31 (account # 42110). This is due to the reduction in the budget <br /> that was approved by the police commission. The final change has been to balance the <br /> budget by increasing the capital improvement line item to reflect the additional revenues <br /> over planned expenditures (account # 49995). <br /> I am also including some additional information in your packet as background <br /> information for the truth in taxation hearing. If you have any questions prior to the <br /> meeting, please contact me. <br /> Council cannot increase the proposed tax levy, but you may decrease the proposed tax <br /> levy. The initial tax levy was set by applying the same tax rate as last year to the current <br /> local taxable value. This created additional spending power for the City by capturing the <br /> new taxable value from new construction and increased market valuations. <br /> If the Council chooses to reduce the proposed tax levy, the capital improvement expense <br /> account can be reduced accordingly to maintain a balanced budget. Council will have to <br /> weigh the citizen concerns versus the threat of future levy limits and the ability to fund <br /> future desired capital improvements. <br />