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<br />Alternative Levy Option Two: <br />Option Two includes a preliminary levy of $3,600,186 (3.48% Increase). This option includes three <br />additional items that were not included in the proposed levy. These items are as follows: <br /> Amount <br />Levy <br />Increase <br />Election services transferred to County $27,000 .80% <br />Zoning Code amendment consultant contract 22,500 .66% <br />Establish storm water utility fund 25,000 .74% <br />Both the zoning code amendment consultant contract, and additional research and analysis to establish <br />a storm water utility fund are one-time costs. If the zoning code amendment services and/or <br />establishing a storm water fund are approved, it is proposed to fund these one-time expenses with the <br />existing General Fund unassigned fund balance. Currently, the City has an unassigned fund balance of <br />53.46%. <br />If election services are transferred to the County, the impact on the levy would be as follows: <br /> 2020 2021 <br />$ Increase <br />(Decrease) <br />% Increase <br />(Decrease) <br />Gross Levy, as proposed $3,479,283 $3,572,494 <br />Add Elections (97.5% collection rate) $27,692 <br />Zoning Code amendment 0 <br />Establish storm water utility fund 0 <br />Gross Levy, Option Two $3,479,283 $3,600,186 $120,903 3.48% <br /> <br />With levy option two, the City’s tax rate is proposed to decrease 6.35% from 25.773 to 24.137. <br />Based on preliminary taxable valuation amounts from the County, the impact on this median value <br />home in Little Canada ($293,000) will see a reduction of .5% in City property taxes from $684 in 2020 <br />to $681 in 2021 (decrease of $3). <br /> <br />Alternative Levy Option Three: <br />If the City Council is interested in setting the preliminary levy closer to 0%, several additional budget <br />cuts will need to be made. In order to establish a preliminary levy at .50%, reductions in the budget <br />would need to be made totaling approximately $73,920. Reductions of $73,920 may include: <br />• Removal of market rate and merit step plan increases for employees $30,592 <br />• Removal of additional hours for Recreation Coordinator $27,600 <br />• Removal of newsletter in different languages $9,000 <br />• Removal of PW incentive pay plan and City Clerk reclassification $7,420 <br />• Freeze NYFS contribution at 2020 contribution $1,585 <br /> <br /> <br /> <br /> <br />