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To balance the 2004, budget the City Manager recommends the following adjustments be <br /> made (see attachment#2): <br /> 1) 2003 Budget Line Items cuts become permanent $ 26,500 <br /> 2) 2003 —Salary Cuts become permanent: <br /> a. P/W Employee $ 30,200 <br /> b. Community Service Officer $ 10,400 <br /> 3) 2004 Eliminate Northwest Youth and Family $ 3,500 <br /> 4) 2004—Additional Adjustments/Personnel Layoff's 64,700 <br /> Budget Adjustments $135,300 <br /> 5) Levy Back 60% LGA/Market Value Credit Loss $160,409* <br /> 6) 0% salary increase, $25.00 Health Insurance ($ 28,361) <br /> Total Budget Adjustments $267,348 <br /> *Because of the limited ways Cities can raise revenues, the levy is a primary source of <br /> funding for all City Governments. Formulas for distribution of State Aid and the amount <br /> that Cities are allowed to levy the following year are based on the previous years levy. In <br /> a practical sense, when Levy Limits are in place, it forces the Cities to levy to the limit or <br /> lose additional dollars of State Aid or levying capabilities. <br /> Also, attached is an estimate of the average cost to St. Anthony taxpayers for the projects <br /> that have been approved this year which affect the 2004 property taxes. <br /> The analysis is based on taking last years average property tax payment (based on the <br /> average valuation= $183,900) and adding the cost for the 2003 road improvement <br /> project, the equipment certificate for the fire truck, the lease revenue bonds for the public <br /> works/fire buildings and the 60% levy back for LGA and Market Value Credit losses. <br />