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Attachment E - 12/7/2020 Council Meeting REQUEST FOR COUNCIL ACTION Date:September 21, 2020 Item No.: 7.b Department Approval City Manager Approval Item Description: Adopt a Preliminary 2021 Tax Levy and Budget 1 B ACKGROUND 2 At the April 13, 2020 City Council meeting, the Council established a general timeline for the 2021 3 budget process including the following key dates: 4 2021 Budget Process TimelineDate Discussion on Preliminary Cash Reserve Levels 3/23/2020 Establish 2021 Budget Process Calendar4/13/2020 Review General Budget & Legislative Impacts, Tax Base Changes7/20/2020 Presentation of the 2021-2040 Capital Improvement Plan7/20/2020 Discussion on City Council Budgetary Goals7/20/2020 EDA Budget & Tax Levy Discussion7/20/2020 Receive the 2021 City Manager Recommended Budget8/10/2020 Receive Budget Recommendations from the Finance Commission9/14/2020 Adopt Preliminary 2021 Budget, Tax Levy, & EDA Levy9/21/2020 Review 2021 Proposed Utility Rates11/9/2020 Review 2021 Fee Schedule11/9/2020 Final Budget Hearing (Truth-in-Taxation Hearing)11/23/2020 Adopt Final 2021 EDA Tax Levy12/7/2020 Adopt Final 2021 Budget, Tax Levy, Utility Rates, & Fee Schedule12/7/2020 5 6 7 8 The next step in the 2021 Budget Process is to adopt a preliminary 2021 Tax Levy and Budget. 9 10 State Statute requires all cities in excess of 2,500 in population, to adopt a preliminary tax levy by 11 September 30th for the upcoming fiscal year. Once the preliminary levy is adopted it can be lowered, but 12 not increased. Accompanying the preliminary tax levy, the City has also historically adopted a 13 preliminary Budget which establishes the need for a tax levy. 14 15 The adoption of a preliminary tax levy and budget does not preclude further review. As noted in the table 16 above, additional budget-related discussions will be held later this year leading up to the adoption of the 17 final 2021 Tax Levy and Budget tentatively scheduled for December 7, 2020. 18 Page 1 of 4