12-19-2018 Council Packet - Laserfiche WebLink

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STAFF REPORT TO:Mayor Keis and Members of City Council FROM:Chris Heineman, City Administrator Sharon Provos, Finance Director DATE:December 19, 2018 RE:2019 Budget Adoption All cities with a population greater than 500 are required to hold a Truth in Taxation (TNT) public comment hearing between November 25 and December 20 to discuss the budget and property tax levy and receive public input prior to approving the final levy. Cities must also adopt a final tax levy and certify that final property tax levy to the county auditor no later than five working days after December 20 (on or before December 28, 2018). The City Council is asked to conduct a public hearing and take public comment prior adopting the 2019 budget. The 2019 levy included in the budget document reflects a 3.00% gross levy increase and a 4.20% net levy increase. This reflects a dollar increase in the gross levy of $97,363 plus a decrease in our fiscal disparities distribution of $20,202. With our 6.59% tax base growth, our projected tax rate is down 2.22% from last year. This budget maintains our current amount of Local Government Aid (LGA) usage in the General Fund ($86,901) even though our LGA allotment is increasing by $1,996 for 2018. We are certified to receive $434,379 of LGA in 2019 versus the $432,383 we received this year. The balance of $347,478 is going to the General Capital Improvement Fund per previous direction. The Council is asked to take the following steps related to the 2019 Budget: 1)Conduct the required public hearing as part of the 2019 Budget Adoption process. 2)As part of the public hearing, a Truth-In-Taxation budget presentation will be conducted by City of Little Canada staff. At the conclusion of the staff presentation, an opportunity for public input should be provided. 3)Certification of the 2019 Property Tax Levy: General Fund $3,021,358 Fire Equipment Fund $ 160,700 Infrastructure Fund $ 157,200 GROSS TAX LEVY $3,339,258 4)Approve the 2019 Capital Improvement Program 5)Approve the 2019 Bonded Indebtedness Tax Levy Reductions totaling: $180,862.50 General Obligation Bonds, Series 2014A: $180,862.50 6)Adopt the 2019 Salary Scales (provided under separate cover memo)