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Date: 7/12/04 <br />Item: 10 <br />Proposed 2005 City Budget <br />{'it�� � �f <br />�/�� <br />� <br />��L� � , � � � <br />14�liuiie�t�l�, 1.�4:'� <br />To: City Council <br />From: Neal Seets <br />cc: Department Heads <br />Subj ect: City Manager's 2005 Sudget Memo <br />I. Introduction <br />At Councilmember Maschka' request, you asked to see what a 2005 <br />city property tax levy would look like that includes: <br />• anticipated inflation for 2005, <br />• catching up on inflation for 2003 and 2004 when the city's levy <br />was not increased for inflation or for any city program or purpose <br />other than the Police and Public Works Suilding Project, and <br />• an increase sufficient to offset the loss of $700,000 in general pur- <br />pose state aid. <br />A levy incorporating all those bullets is severe indeed. It amounts to <br />an approximately 15% tax levy increase for 2005. And this would <br />come on top of the 10% levy increase authorized last year for the <br />Suilding Project that applies for the next ten years until those bonds <br />are paid off. <br />Hence, the levy recommended in the attached City Manager's Pro- <br />posed 2005 Sudget does not include all those elements bulleted <br />above. Instead, as detailed in this memo, I recommend a 4.5 % levy <br />increase for 2005 coupled with some new, non-tax revenues and sig- <br />