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REQUEST FOR COUNCIL ACTION <br />Date: December 5, 2022 <br />Item No.: 7.a <br />Department Approval City Manager Approval <br />Item Description: Adopt a Final 2023 City BudgetandFinal Tax Levy for the City and EDA <br />1 B ACKGROUND <br />2 At the April 18, 2022 City Council meeting, the Council establisheda general timeline for the 2023 <br />3 budget process including the following key dates: <br />4 <br />5 <br />6 <br />7 State Statute requires all cities in excess of 2,500 in population, to adopt a final tax levy by December <br />8 30th for the upcoming fiscal year. The final levy amount must not exceed the preliminary levy that was <br />9 established in September. However, the Council has discretionin modifying the budget at any time. The <br />10 City Council is now asked to adopt a final 2023 City Budget and a Final Tax Levy for the City and EDA. <br />11 <br />12 At the September 26, 2022 City Council meeting, the Council adopted a 2023 preliminary, not-to-exceed <br />13 tax levy and a preliminary City budget. A summary is presented below. <br />14 <br />15 2023 Preliminary Tax Levy & Budget <br />16 The 2023 Preliminary Budget & Tax Levy approved September 26, 2022 called for a citytax levy of <br />17$26,515,884, an increase of $1,650,340 or 6.64% over last year. <br />18 <br />Page 1 of 3 <br /> <br />