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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. This motion is <br />contained in Resolution 2019-12-139 that approved the Tax Levy. <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 />Internal Service Fund: <br />As discussed during the budget workshop, staff is recommending that an Internal Service Fund <br />be established to fund health insurance, workers compensation insurance, and property insurance. <br />There is no impact on the levy to establish this fund. Future savings in this fund may be used <br />to cover deductibles, claims, and health insurance election changes. Currently, savings from the <br />General Fund budget must be identified to fund this additional cost if an employee makes an <br />allowable change to their health insurance coverage. Once the new internal service fund has a <br />sufficient fund balance, these additional costs will be coded to the internal service fund. <br />STAFF RECOMMENDATION: <br />1.Conduct the public budget hearing related to the 2020 budget. <br />2.Adopt Resolution 2019-12-138, adopting a 2020 Budget in the amount of $13,982,800. <br />3.Adopt Resolution 2019-12-139, approving the 2019 Tax Levy , Collectible in 2020 in the <br />amount of $3,479,283 <br />Levy Component Final Proposed <br />2020 <br />General Levy <br /> General Fund $3,197,083 <br /> Fire Equipment Fund 160,000 <br /> Infrastructure Fund 122,200 <br />Subtotal General Levy $3,479,283 <br />Debt Levy $0 <br />Total Gross Levy $3,479,283 <br />4.Adopt Motion to approve the 2020 salary schedule.