09/08/2009 Council Packet (2) - Laserfiche WebLink

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is -?u-J e() w 61 I 1zool C 1 T OF IN i ► KE Memorandum To: Mayor and Council Members From: Al Rolek, Dan Tesch, Dave Pecchia, Michael Grochala, Rick DeGardner Date: September 8, 2009 Re: 2010 Proposed Budget/levy adjustments Per the direction of the City Council given at the work session on August 31, a levy for 2010 was calculated at a rate of 38.616% and budget adjustments are proposed to bring the proposed budget in line with the levy. Factors to Consider: • A tax rate of 38.616% is lower than the 2009 rate of 38.732% • Results in a total proposed levy of $8,695,414, $548,924 less than the 2009 adopted levy • Proposed levy is $634,071 below the State levy limit • Requires an interfund loan of $569,084 to fund the debt service on the 2005A bonds and adjustment for the unallotment of Market Value Homestead Credit of $241,000 • Requires reduction to 2010 Proposed Budget of $554,623 • Brings the 2010 Proposed Budget to $9,393,809, a reduction of $670,913 from the 2009 adopted budget of $10,064,722 • Demand for basic services such as police and fire protection, road maintenance and plowing, park maintenance, recreation programming, protective inspections, code enforcement, storm water management, etc., have not decreased along with the economy. Proposed Budget Adjustments The directors met and collaboratively arrived at the proposed adjustments needed to balance the proposed budget. The proposed adjustments are as follows: