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REQUEST FOR COUNCIL ACTION <br />Date:September 26, 2022 <br />Item No.: 7.b <br />Department ApprovalCity Manager Approval <br />Item Description:Adopt a Preliminary 2023Tax Levy and Budget <br />1 B ACKGROUND <br />2 At the April 18, 2022City Council meeting, the Council established a general timeline for the 2023 <br />3 budget process including the following key dates: <br />4 <br />5 <br />6 <br />7 The next step in the2023Budget Process is to adopt a preliminary 2023Tax Levy and Budget. <br />8 <br />9 State Statute requires all cities in excess of 2,500 in population, to adopt a preliminary tax levy by <br />10 September 30th for the upcoming fiscal year. Once the preliminary levy is adopted it can be lowered, but <br />11 not increased.Accompanying the preliminary tax levy, the City has also historically adopted a <br />12 preliminary Budget which establishes the need for a tax levy. <br />13 <br />14 The adoption of a preliminary tax levy and budget does not preclude further review. As noted in the table <br />15 above, additional budget-related discussions will be held later this year leading up to the adoption of the <br />16 final 2023Tax Levy and Budget tentatively scheduled for December 5, 2022. <br />17 <br />18 <br />Page 1of 3 <br /> <br />