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07-11-2016 Council Packet (2)
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07-11-2016 Council Packet (2)
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City Council
Council Document Type
Council Packet
Meeting Date
07/11/2016
Council Meeting Type
Work Session Special
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<br />Bond Fund was utilized to cover the first year of debt service on the 2015 EDA Lease <br />Revenue bonds as well as the initial contribution to the Statewide Volunteer Firefighter <br />Retirement Plan. The 2017 draft presented for discussion does not include the use of <br />general fund reserves; however, it does include the transfer of $317,717 from the Closed <br />Bond Fund to cover the second year of debt service on the 2015 EDA Lease Revenue <br />Bonds. If the 2016 budget uses the full amount of budgeted reserves, the current general <br />fund reserve balance would continue to be maintained at a level approximately 54% of <br />annual expenditures. This would make $140,000 available for use in 2017 and would <br />maintain the reserve balance and the Council policy level of 50%. <br /> <br />Preliminary 2017 Taxable Market Values have increased 6.64%. The increase in <br />property values is estimated to increase the City’s Net Tax Capacity Value by <br />$1,127,868, or approximately $520,000 at the Current Tax Capacity Rate. The <br />preliminary operating levy would increase 11.22% given the needs and requests included <br />within this draft budget. The projected tax capacity rate would increase to 48.720% from <br />45.985% in 2016. To maintain the 2016 tax rate the levy would need to be reduced by <br />$496,361. <br /> <br />Staff is prepared to discuss the draft budget with the City Council during the initial <br />budget work session. Attached to the draft budget is a gap analysis, as well as, draft <br />Capital Equipment Replacement schedules. <br /> <br />Budget work sessions may be scheduled at the discretion of the Council to achieve the <br />desired budget level for 2017. Council action is anticipated at the September 12th meeting <br />in order to set the preliminary tax levy and to schedule a public hearing date in December <br />on the budget and tax levy. The preliminary levy set at the September meeting may not <br />be increased thereafter, but may be lowered before approving the final budget and levy in <br />December. <br /> <br />Attachments <br /> <br />2016-2017 General Fund Forecast Gap Analysis <br />2017 Draft General Fund Operating Budget <br />2017 Capital Equipment Replacement (Police/Fleet) <br />Fire Capital Equipment Replacement <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />
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