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MEMORANDUM <br /> DATE: August 21, 2002 <br /> TO: Mayor and Councilmembers <br /> FROM: Michael Mornson, City Manager <br /> SUBJECT: GENERAL FUND LEVY <br /> State mandated levy limits set the City's 2003 levy at $2,168,627, which is ($31,340) less than <br /> 2002. When the proposed 2003 budget/levy estimation was put together in July, staff a_nticipated <br /> a$66,000 increase based on conversations with the Department of Revenue. <br /> As a result of the decrease, the City has $97,000 less revenue available for the 2003 budget. To <br /> balance the budget, staff is proposing the following solution: <br /> 1) Reduce the Police budget by $20,000. <br /> 2) Reduce the Fire Budget by $10,000. <br /> 3) Reduce the P/W budgets by $10,000. <br /> 4) The remaining $57,000 could come from revenue <br /> received from the 2002 Tires Plus lease payments <br />