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The $382,148 final levy reduction made in December was enacted in conjunction with the draw-down <br />35 <br />ofadditional General Fund and License Center Fund reserves above and beyond what had already been <br />36 <br />programmed into the Recommended Budget. The Budget was already reliant on $175,500 in reserves <br />37 <br />from General Fund and $141,275 from the License Center before the additional amounts were <br />38 <br />th <br />committed on December 8. In total, the 2015 Budget is relying on nearly $700,000 in cash reserves to <br />39 <br />sustain day-to-day operations. <br />40 <br />41 <br />With this action, the General and License Center Funds will remain in compliance with the Council- <br />42 <br />adopted cash reserve policy. However, it will require some consideration in future budget cycles to <br />43 <br />achieve structurally balanced budgets. <br />44 <br />45 <br />46 <br />A summary of the tax levy increase is shown in the table below. <br />47 <br />48 <br />2014 Tax Levy <br />$ 18,003,721 <br />2015 Levy Reductions <br />Supplies, materials, contractual services(57,080)$ <br />Contribution to Fire Relief Association(11,000) <br />Debt Service(220,000) <br />Change in non-levy revenue sources(102,921) <br />Total Levy Reductions(391,001)$ <br />2015 Levy Additions <br />Supplies, materials, contractual services175,830$ <br />Employee cost-of-living-adjustment177,135 <br />Employee wage step increases129,000 <br />Employee position changes/reorg.101,865 <br />PERA pension increases67,000 <br />Capital replacements220,000 <br />Funding to eliminate use of reserves (partial)175,500 <br />Total Levy Additions1,$ 046,330 <br />Net Levy Change Before Use of Reserves <br />$ 655,329 <br />dditional <br />Less A Use of General Fund Reserves($ 200,000) <br />Additional <br />Less Use of License Center Fund Reserves(182,148)$ <br />2015 Tax Levy <br />$ 273,181 <br />% Increase1.5% <br />49 <br />50 <br />For a median-valued home that experiences an 11% valuation increase (citywide average), the property <br />51 <br />tax impact will be $4.89 per month, an increase of 7.5%. <br />52 <br />53 <br />Staff will note that the Council also made changes to the utility rates in 2015 which resulted in a <br />54 <br />reduction of $0.89 per month for a typical single-family home. When combined with the property tax <br />55 <br />impact, a typical home will pay an additional $4.00 per month. This is depicted in the chart below. <br />56 <br />57 <br />Page 2 of 3 <br /> <br />