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t�i � <br />� <br />REQUEST FOR COUNCIL ACTION <br />Department Approval <br />�. � � <br />Item Description: Adopt a Final 2013 Tax Levy and Budget <br />Date: 12/03/2012 <br />Item No.: l l.a <br />City Manager Approval <br />BACKGROUND <br />State Statute requires all cities in excess of 2,500 in population, to adopt a final tax levy and budget by <br />December 30th for the upcoming fiscal year. The final levy amount must not exceed the preliminary levy <br />��� that was established in September. However, the Council has discretion in modifying the budget at any <br />time. <br />At the September 10, 2012 City Council meeting, the Council adopted a 2012 preliminary, not-to-exceed <br />tax levy and budget. Further information on the levy and budget is shown below. <br />� 2013 Preliminary Tax Levy <br />The preliminary tax levy for 2013 is $17,319,826, an increase of $2,357,532 or 15.8%. Much of the <br />increase can be attributable to prior Council decisions or contractual obligations. The increase can be <br />� categorized as follows: <br />Pre-existing Obligations <br />Descri tion Amount <br />Debt service on Park Renewal bonds $ 980,000 <br />Debt service on Fire Station bonds 670,000 <br />Police and Fire Dis atch 31,6ll <br />Fire Relief Pension Obli arion 45,000 <br />Total $ 1,726,611 <br />Items included in the Origina12012/2013 Biennial Budget <br />Descri tion Amount <br />Em loyee 2% COLA l 10,000 <br />Em lo ee Wa e Ste increases 105,000 <br />Em lo ee ension contriburions 21,837 <br />Healthcare Premium increases 55,000 <br />Inflationary increases on su lies, maintenance, etc. 64,084 <br />Total $ 355,921 <br />CIP Subcommittee Recommended Items <br />Page 1 of 8 <br />