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2006 Preliminary Budget <br />The proposed 2006 Budget and Tax levy was initially submitted for consideration in July. A <br />Preliminary Budget was adopted by the Council on September 12, 2005. Since that time, the <br />Council has held a number of budget meetings to determine whether any budget changes are <br />desired. Given that the Council has not yet made any final decisions, and to ensure continuity <br />throughout tonight's TNT Hearing, suggested modifications have t�uE been included in the <br />figures presented below. <br />The Preliminary 2006 Budget, approved in September of this year, is $33,292,385, an increase of <br />$607,955 or 1.9%. The increase is largely attributable to inflationary pressures as well as new <br />obligations that come on-line in 2006. The combined budget for the tax-su�orted funds is <br />$15,039,370, an increase of $$18, l OS or 5.8%. The budgeted increase in the tax-su�orted funds <br />is affected by a variety of factors which include, but are not limited to: <br />a) $325,000 increasefor general inflationary impacts <br />b) $120,000 increasefor employee wage steps <br />c) $125,000 increase for Police and fire dispatch, RMS, and 800 mhz radio system <br />d) $75,000 increase far the City's recreational facilities <br />Tax Levy and Tax Impact <br />The proposed tax levy for 2006 is $11,435,165, an increase of $797,2D0 or 7.5%. The increase is <br />attributable to the spending increases noted above. <br />With the proposed tax levy and estimated increases in the City's tax base, an average-valued <br />home of $185,000 would see a slight r a of $2 or (0.4%) in their local properiy taxes <br />(holding all other factors constant). Assuming this same home experiences a 15% valuation <br />increase, the local properiy tax increase would be $65 or 14.6% in their local property taxes <br />(holding all other factors constant). <br />Attachments <br />0 Attachment A- Graphics to be presented at the TNT` Hearing <br />Council Action Requested <br />Action #l: Open and Close the Truth-in-Taxation Hearing <br />Action #2: If no further discussion is warranted, cancel the Continuation Hearing, and move <br />forward to the Subsequent Hearing scheduled for Monday, December 19,2005. <br />� <br />