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<br />WS – Item 4 <br />WORK SESSION STAFF REPORT <br />Work Session Item No. 4 <br /> <br /> <br />Date: June 5, 2017 <br /> <br />To: City Council <br /> <br />From: Sarah Cotton, Finance Director <br /> <br />Re: 2018 Budget <br /> <br /> <br />Background <br /> <br />The management team is currently in the process of preparing the 2018 budget. The <br />proposed budget calendar is as follows: <br /> <br />• Friday, July 21st – Electronic Proposed Budget delivered to City Council <br />• Monday, July 24th – Hard Copy Proposed Budget delivered to City Council <br />• Monday, July 31st – Special Budget Work Session <br />• Monday, September 25th – Last meeting to adopt Preliminary Budget and Levy <br />• Monday, December 11th – Adopt Final Budget and Levy <br /> <br />The City was notified a few weeks ago that as of March 2, 2017, the City’s taxable <br />market value is estimated to increase 8.78%. This includes new construction for Pay <br />2018. Based on this preliminary estimate, the City’s tax levy could increase by $778,839 <br />without raising the tax capacity rate of 45.140%. However, there are several other factors <br />to consider, including: (1) inflationary adjustments; (2) salary and benefit increases; (3) <br />capital equipment replacement; and (4) the use of fund reserves for certain expenditures <br />in the 2017 budget. <br /> <br />Requested Council Direction <br /> <br />None <br /> <br />Attachments <br /> <br />Memo & Salary Survey – CD Director <br />Cash & Investment Balance as of April 30, 2017 <br />Summary General Fund Expenditures as of April 30, 2017 <br />General Fund Revenues as of April 30, 2017 <br /> <br /> <br /> <br /> <br />