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The following calculation shows the difference between the levy amount previously adopted by the Council on August 19, and the amount proposed by the Mayor for consideration on September 3: Levy adopted by Council on August 19, 2002 Levy amount proposed by Mayor on September 3 Difference $ 9,070,055 8,644,063 $ (425,992) As is shown above, if the Mayor's revised levy were approved, approximately $425,000 in tax levy would need to be removed from the current 2003 levy. As you will see from the chart above, and as we have emphasized throughout the budget information sessions with you, the ONLY 1 With respect to the debt levy for public safety/public works facility improvements, there should be no budget impact in 2003. However, there will be a significant budget impact beginning in 2004 and thereafter. The estimated annual tax levy to repay the bonds is approximately $900,000. The projected tax impact (holding all other factors constant) is appro�umately $50 annually for an average-valued home. Given the $100,000 levy set aside for "contingency purposes" in the 2003 Budget, and the fact that our debt levy is expected to decrease by $200,000 in 2004, we have identified approximately $300,000 of the $900,000 in baseline funding that will be needed to absorb or phase-in the new debt levy. Given the need to find $600,000 more to fund the debt on these facilities beginning in 2004, this is a particularly bad time to reduce the levy. �