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LUD"WRIDALE C A "OU'vCIL N M milli Au` T 1"" T V4 R M ----------- �7 Meeting Date August 26, 2014 ITEM NUMBER 2015 Budjaet and Lev STAFF INITIAL I I I 11111111112MI'll W=1!11 1�1 10 M� Attached are a couple of reports prepared by the County. The first is the chart showing the City will receive an additional $8,142 in fiscal disparities. This is in addition to the $536,736 the City will receive in LGA which is $1,643 more than last year. For 2015, the median value of a home in Lauderdale is $175,000, which is 7% higher than last year. You will notice from the information prepared by the County that some cities will be . see- ing sizable property tax increases due to the dramatic increases in home values. Shown another way (bar graph titled "Percentage Change in Estimated Market V ' alue by Rang of Change from Payable 2014 to Payable 2015), the vast majority of homeowners in the County fall into the range of expecting to see a 0-20% property tax increase. Also attached are preliminary budget numbers for 2015. Overall, the budget is expected to grow by 1.48% ($18,173). The biggest budgetary increase is for policing ($17,305). Last year the Council set aside $38,000 of General Fund dollars for development projects. That money was intended to make up for the closure of the tax increment financing district. If the Council elect- ed to make a similar transfer'again, the overall property tax increase would be 2.3% but the local property tax impact would be only 1.28% due to the increase in fiscal disparities revenue. As discussed, the Council will have many options in setting the levy and setting aside money due to the anticipated $90,000 in revenue from the Eldercare Project. At this point, the Council just needs to discuss the General Fund budget and levy. The special revenue funds will be dis- cussed later this fall.