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<br />MEMORANDUM <br /> <br />DATE: April 28, 2015 <br /> <br />TO: Mayor and City Council <br /> <br />FROM: Shelly Rueckert, Finance Director <br /> <br />ITEM: Public Hearing – 2016 General Operating Budget <br /> <br />The attached materials are a summary of the 2015 General Operating Budget. Highlights <br />of the 2015 budget include: <br /> <br />1) General Operating Budget $6,705,098 <br /> <br />2) General Fund Levy $3,321,210 <br /> <br />3) Overall Levy $5,831,737 <br />└ 3.9% increase over 2014 <br /> <br />4) Median Valuation in 2015 $ 223,000 <br />└ Up $15,000 from 2014 <br /> <br />5) City Portion of Property Taxes $ 1,423.95 <br /> <br />6) 2016 Local Government Aid exact amount will not be known until legislative <br />action has been completed. <br /> <br />7) Breakdown of 2015 Property Taxes for Median valued home: <br /> <br />General Fund $ 855.09 <br />Roads $ 461.30 <br />Public Works/Fire Buildings $ 98.57 <br />Tax Abatement (parks) $ 39.43 <br />Capital Improvements $ 12.87 <br /> $ 1,467.26 <br /> <br /> <br />The budget parameters were discussed with the City Council on January 15th and 16th at <br />our Financial Management Planning – Goal Setting meetings. <br /> <br />14