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<br />REQUEST FOR COUNCIL ACTION <br />Date:December 7, 2020 <br /> Item No.: 7.b <br />Department Approval City Manager Approval <br />Item Description: Consider Adoption of the Final 2021 Budget and Tax Levy <br /> <br />1 B ACKGROUND <br />2 At the April 13, 2020 City Council meeting, the Council establisheda general timeline for the 2021 <br />3 budget process including the following key dates: <br />4 <br />2021 Budget Process TimelineDate <br />Discussion on Preliminary Cash Reserve Levels <br />3/23/2020 <br />Establish 2021 Budget Process Calendar4/13/2020 <br />Review General Budget & Legislative Impacts, Tax Base Changes7/20/2020 <br />Presentation of the 2021-2040 Capital Improvement Plan7/20/2020 <br />Discussion on City Council Budgetary Goals7/20/2020 <br />EDA Budget & Tax Levy Discussion7/20/2020 <br />Receive the 2021 City Manager Recommended Budget8/10/2020 <br />Receive Budget Recommendations from the Finance Commission9/14/2020 <br />Adopt Preliminary 2021 Budget, Tax Levy, & EDA Levy9/21/2020 <br />Review 2021 Proposed Utility Rates11/9/2020 <br />Review 2021 Fee Schedule 11/9/2020 <br />Final Budget Hearing (Truth-in-Taxation Hearing)11/30/2020 <br />Adopt Final 2021 EDA Tax Levy12/7/2020 <br />Adopt Final 2021 Budget, Tax Levy, Utility Rates, & Fee Schedule12/7/2020 <br />5 <br />6 <br />7 <br />8 The City Council is now asked to adopt a final 2021 Budget and Tax Levy. <br />9 <br />10 State Statute requires all cities in excess of 2,500 in population, to adopt a final tax levy by December <br />11 30th for the upcoming fiscal year. The final levy amount must not exceed the preliminary levy that was <br />12 established in September. However, the Council has discretion in modifying the budget at any time. <br />13 <br />14 At the September 21, 2020 City Council meeting, the Council adopted a 2021 preliminary, not-to-exceed <br />15 tax levy and a preliminary budget. A summary is presented below. <br />16 <br />17 <br />18 <br />19 <br />Page 1 of 10 <br /> <br />