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<br />Ways to reduce the Levy: A reduction of approximately $42,000 will decrease the levy by 1% <br /> <br /> Utilize existing fund balance – At the End of 2022 Unassigned Fund Balance $3,039,880 <br />or 62.6% of 2023 Budget <br /> City Policy 42.5% – 65% <br /> State Auditor Recommendation 35% to 50% <br /> Adopt a Safety Margin amount from 98.5% to 99.5%. This will decrease preliminary levy <br />by approximately 1%. Note: The City Council already modified the safety margin from <br />97.5 to 98.5 when the preliminary budget was adopted. <br /> Reduce Council Contingency – Budgeted at $15,000 <br /> Reduce COLA for all employees. For each COLA rate adjustment decrease of 1%, the <br />savings is approximately $12,810 in the General Fund or 0.31% levy decrease. The final <br />COLA that is currently included in the proposed budget is 3%. <br /> Postpone the $100,000 Levy for the Proposed Community Building – 2.38% of the Levy <br /> Postpone the $36,430 budgeted for Customer Service Specialist (20 hours) – 0.86% Levy <br /> <br />REQUESTED ACTION: <br /> <br />The City Council is asked to conduct Public Hearing on the proposed 2023 budget. Following <br />the closure of the Public Hearing, the City Council is asked to take the following actions: <br /> <br />1. Motion to adopt the 2023 Tax Levy, Collectible in 2024, as presented (or as amended). <br /> <br />2. Motion to adopt the 2024 Budget as presented (or as amended). <br /> <br />3. Motion to approve the 2024 salary wage schedule as presented (or as amended). <br /> <br />Documents Included with the Packet <br />1. 2024 Budget Book. Includes: <br />a. General Fund Budgets <br />b. Special Revenue Funds Begets <br />c. Debt Service Fund Budgets <br />d. Capital Project Funds – Other Budgets <br />e. Capital Project Funds – TIF Budgets <br />f. Enterprise (Water and Sewer) Funds Budgets <br />g. Internal Service Funds Budgets <br />2. 2024 Wage Scale