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Budget Highlights In preparing the 2015 budget, Staff continued its mission to maintain the existing level of City services and programs with the use of financially conservative budgeting. The 2015 General Operating Budget resulted in a $197,867 levy increase over last year’s General Fund Levy amount. The City’s overall levy increased by $218,900 yielding a 3.9% overall levy increase. This levy increase on the local tax rate is mitigated by the decertification of the Cub tax increment district. The combined impact of these two factors is estimated to limit the increase in the City’ tax rate to 0.42% levy. General Operating Fund The City is scheduled to receive $62,448 of additional Local Government Aid (LGA) in 2015. The receipt of LGA in 2014 coupled with the increase in 2015 allows for property tax relief by negating the impact of annual wage increases, health insurance premium increase, increases in police/fire pension costs and escalating energy prices. The cumulative use of LGA has been allocated for these purposes. 37% Property Tax Relief, negating the impact certain cost factors 33% Reduced: reliance on Liquor profits and cost allocations to utility funds 22% Addressing severance obligations, risk management 8% Property Tax Relief, supplanting decreases in revenues and other aids The 2015 Operating Budget reflects a 2.25% increase in wages for the substantial portion of the Fire, Police, Public Works, Liquor and Non-Union employees. In addition, health insurance premiums increased by 10.5% in 2014 with the increase in cost for family coverage being borne shared equally by the employer and employee. Infrastructure Improvements During the past several budget cycles there has been significant reconstruction of City streets, sidewalks, the storm water system, Silver Lake Village and our park infrastructures. The 2014 street project included street reconstruction and utility improvements to: •Edgemere Avenue – Penrod Lane to Chelmsford Road •Wendhurst Avenue – Penrod Lane to Chelmsford Road •Penrod Lane – 36th Avenue to 37th Avenue 3