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<br /> <br />Debt Service Levy: <br />The City issued the 2014A Bonds for building the Public Works facility. These bonds contain a levy <br />component. Since the City has been using the Water & Sewer Capital Replacement Fund to pay these <br />bonds and not the levy, a motion must be passed each year to waive this levy. <br /> <br />Bond <br />Issue <br />Original <br />Principal <br />Date <br />Issued <br />2020 Levy Portion per <br />Bond Register <br />Reduction in <br />Levy <br />2020 Certified <br />Debt Levy <br />2014A <br />Bonds <br />$3,400,000 03-11-14 $183,802.50 ($183,802.50) $0 <br /> <br />Internal Service Fund: <br />As discussed during the budget workshop, staff is recommending that an Internal Service Fund be <br />established.to fund health insurance, workers compensation insurance, and property insurance. There is <br />no impact on the levy to establish this fund. Future savings in this fund may be used to cover <br />deductibles, claims, and health insurance election changes. Currently, savings from the General Fund <br />budget must be identified to fund this additional cost if an employee makes an allowable change to <br />their health insurance coverage. Once the new internal service fund has a sufficient fund balance, <br />these additional costs will be coded to the internal service fund. <br /> <br />STAFF RECOMMENDATION: <br /> <br />1. Motion to approve the 2020 Preliminary Levy at $____ (select one of the options proposed): <br />i. $3,489,550 (4.5% Increase) Levy as presented at workshop with $15,000 of <br />Sheriff’s Department contract funded with 10% Fund. <br />ii. $3,490,575 (4.53% Increase) Levy as presented at workshop with $15,000 of <br />Sheriff’s Department contract funded with 10% Fund and $1,000 added to the <br />levy for the fire pension. <br />iii. $3,504,934 (4.9% Increase) Levy with $15,000 of Sheriff’s Department contract <br />added to levy and not funded with 10% Fund. <br />iv. $3,505,960 (4.99% Increase) Levy with $15,000 of Sheriff’s Department <br />contract added to levy and $1,000 added to levy for the fire pension. <br /> <br />2. Motion to set the Budget Hearing for December 18th, 2019 at 7:30 pm <br /> <br />3. Motion to approve the 2020 bonded indebtedness tax levy reductions which will result in a zero <br />bonded indebtedness tax levy for 2020.