Laserfiche WebLink
<br />WS – Item 9 <br />WORK SESSION STAFF REPORT <br />Work Session Item No. 9 <br /> <br /> <br />Date: June 3, 2019 <br /> <br />To: City Council <br /> <br />From: Sarah Cotton, Finance Director <br /> <br />Re: 2020 Budget <br /> <br /> <br />Background <br /> <br />The management team is currently in the process of preparing the 2020 budget. The <br />proposed budget calendar is as follows: <br /> <br />• Friday, July 19th – Electronic Proposed Budget delivered to City Council <br />• Monday, July 22nd – Hard Copy Proposed Budget delivered to City Council <br />• Monday, July 29th – Special Budget Work Session <br />• Monday, September 23rd – Last meeting to adopt Preliminary Budget and Levy <br />• Monday, December 9th – Adopt Final Budget and Levy <br /> <br />The City was notified a few weeks ago that as of April 15, 2019, the City’s taxable <br />market value is estimated to increase 8.42%. This excludes new construction for Pay <br />2020. Based on this preliminary estimate, the City’s tax levy could increase by $710,140 <br />without raising the tax capacity rate of 41.817%. 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 in the 2019 budget. The <br />City utilized $594,773 of general fund reserves/surplus to balance the 2019 budget. <br /> <br />Requested Council Direction <br /> <br />Confirm Special Budget Work Session date and discuss any Council priorities staff should <br />be aware of as we prepare the 2020 budget. <br /> <br />Attachments <br /> <br />None <br /> <br /> <br /> <br /> <br />