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<br />WS – Item 7 <br />WORK SESSION STAFF REPORT <br />Work Session Item No. 7 <br /> <br /> <br />Date: July 2, 2018 <br /> <br />To: City Council <br /> <br />From: Sarah Cotton, Finance Director <br /> <br />Re: 2019 City Budget <br /> <br /> <br />Background <br /> <br />The management team is currently in the process of preparing the 2019 budget. The <br />proposed budget calendar is as follows: <br /> <br />• Monday, July 23rd – Electronic and Hard Copy Proposed Budget delivered to City <br />Council <br />• Monday, July 30th – Special Budget Work Session <br />• Monday, September 24th – Last meeting to adopt Preliminary Budget and Levy <br />• Monday, December 10th – Adopt Final Budget and Levy <br /> <br />The City was notified last week that as of April 9, 2018, the City’s taxable market value <br />is estimated to increase 6.4%. This includes new construction for Pay 2019. Based on <br />this preliminary estimate, the City’s tax levy could increase by $574,419 without raising <br />the tax capacity rate of 42.756%. However, there are several other factors to consider, <br />including: (1) inflationary adjustments; (2) salary and benefit increases; (3) capital <br />equipment replacement; and (4) the use of fund reserves for certain expenditures in the <br />2018 budget. <br /> <br />Requested Council Direction <br /> <br />None <br /> <br />Attachments <br /> <br />None <br /> <br /> <br /> <br />