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<br />WS – Item 10 <br />WORK SESSION STAFF REPORT <br />Work Session Item No. 10 <br /> <br /> <br />Date: October 3, 2022 <br /> <br />To: City Council <br /> <br />From: Hannah Lynch, Finance Director <br /> <br />Re: 2023 Budget & Tax Levy <br /> <br /> <br />Background <br />The Preliminary 2023 Budget & Tax Levy was adopted by Council on September 26, <br />2022. Budget work sessions can continue to be scheduled until final adoption on <br />December 12, 2022. <br />The following updates have been made since adoption of the preliminary budget: <br />• Personnel wages & benefits (net decrease of $18,775 in the General Fund) <br />o Assumptions surrounding previously vacant positions that have since been <br />filled have been updated. <br />o Health insurance premiums were finalized. The employer’s share <br />increased 2.1% compared to the previous assumption of 7.5%. <br />o Dental insurance premiums were finalized. The employer’s share <br />increased 13.5% compared to the previous assumption of 1.0%. <br />o The assumption surrounding workers compensation insurance premiums <br />increased slightly from 5.0% to 10.0%. In addition, an increase in the <br />experience modification/multiplier is anticipated for the 2023-2024 <br />renewal. <br />• Property & casualty insurance (net decrease of $20,520 in the General Fund) <br /> <br />Personnel and insurance were also updated throughout the Rookery Activity Center, <br />Water, Sewer, and Storm Water funds. <br /> <br />Requested Council Direction <br /> <br />Staff is prepared to discuss the draft budget and tax levy with the City Council during the <br />budget work session on Monday, October 3rd. <br /> <br />Attachments <br /> <br />2023 Proposed Budget Summary <br />2023 Draft Budget and Tax Levy <br />