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2014_1208_CCpacket
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REQUEST FOR COUNCIL ACTION <br /> Date: 12/08/2014 <br /> Item No.: 12.a <br />Department Approval City Manager Approval <br />Item Description: Consider Adopting a Final 2015 Tax Levy and Budget <br />B <br />ACKGROUND <br />1 <br />State Statute requires all cities in excess of 2,500 in population, to adopt a final tax levy and budget by <br />2 <br />December 30th for the upcoming fiscal year. The final levy amount must not exceed the preliminary <br />3 <br />levy that was established in September. However, the Council has discretion in modifying the budget <br />4 <br />at any time. <br />5 <br />6 <br />At the September 8, 2014 City Council meeting, the Council adopted a 2015 preliminary, not-to-exceed <br />7 <br />tax levy, however there was no formal action regarding the budget. A summary is presented below. <br />8 <br />9 <br />2015 Tax Levy & Levy Impact <br />10 <br />The 2015 preliminary tax levy is $18,659,050, an increase of $655,329 or 3.6%. A summary of the <br />11 <br />increase is shown in the table below, as well as in Attachment D. <br />12 <br />13 <br />2014 Tax Levy <br />$ 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 <br />$ 655,329 <br />2015 Tax Levy <br />$ 18,659,050 <br />% Increase3.6% <br />14 <br />Page 1 of 9 <br /> <br />
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