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July 13, 1983 <br />Estimated 1984 itevenuc <br />page 2 <br />2) the City would levy CIoVL iln,1lil� J;%1 formulrLoulLas, from the <br />change in tale local I <br />}) the city •::oU111 t'xel'cie:o il� option Lo special levy for <br />the forestry progr'.11 he <br />4) two year equipment• debt certificaLos wo�srinoi�alsand and <br />ld <br />the City would special levy one year's p <br />interest on the certifieaLcs <br />Exercising the above options would result in an estimated 24% General <br />Fund tax levy of $790,207.00, an increase of approximately 29,457.00the <br />1983 levy of $619, <br />884.00. Estimated total revenues c Underthisoption <br />would be available to offset estimated expenditures. <br />estimated 1984 revenues are approxiately Ihigher than <br />mbudgeted <br />1984 re <br />revenues of$1, expenditure are timatedshown below;venues compared <br />t to first <br />draft <br />$1,539,457.00 <br />Estimated revenues 1,533_ 781 00 <br />First draft expenditure requests <br />76.00 <br />Excess of revenues over expenditures $ 5,6 option <br />The General Fund budget would be balanced under this option and a small <br />amount would be available for either contingency or fund balance develo> <br />ment. <br />please note that under each option presented above that the only capital <br />(li <br />wer <br />urer <br />items included <br />otiser capital rn-.questsearetethe <br />�tpolicewo squad <br />proposedtobefundedfromother <br />cars. <br />sources. <br />results from a change the levy limitation formula. The previous <br />The "windfall" referred to i9.thhe memorandum entitled "1984 Budget Policy <br />issues,, I <br />formula began with the prior year's levy limitation. Adjustmenthe ts or <br />o ulation were made to arrive �trior year'st <br />inflation and an increase he p p government aids. <br />year levy limitation. The cuss certifiedelocalwgo the p <br />levy limitation and the prior year' <br />Adjustments are made for inflation and an increase in population to arrive <br />aovernmentthe <br />said isysubtracted5e Therresultantthat afigure istthe iplocal <br />q <br />d to <br />limitation. The <br />gg3usInclusion of11983acertifiedllocal governmenation is t aid <br />be this <br />approximately <br />in this year's formula resulted in an increase in the estimated levy <br />limitation of $94,223.00 compared to what it would have been under the <br />old formula. That amount consists of the following: <br />Reduction of 1984 local government $51,507.00 <br />aid compared to 1183 <br />8% of 1983 certified local 42,716.00 <br />government aid $94 223.00 <br />