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12 <br />MEMORANDUM <br />DATE: May 9, 2017 <br />TO: Mayor and City Council <br />FROM: Shelly Rueckert, Finance Director <br />ITEM: Public Hearing — 2018 General Operating Budget <br />The attached materials are a summary of the 2017 General Operating Budget. Highlights <br />of the 2017 budget include: <br />1) General Operating Budget $7,106,990 <br />2) General Fund Levy $3,573,493 <br />3) Overall Levy $6,450,785 <br />L 6.61 % increase over 2016 <br />4) Median Valuation in 2017 $ 260,000 <br />L Up $5,000 from 2016 <br />5) City Portion of Property Taxes $ 1,670.93 <br />6) 2017 Local Government Aid exact amount will not be known until legislative <br />action has been completed. <br />7) Breakdown of 2016 Property Taxes for Median valued home: <br />General Fund $ 948.84 <br />Roads $ 485.17 <br />Public Works/Fire Buildings $ 95.91 <br />Capital Improvements $ 81.30 <br />Tax Abatement 59.71 <br />$ 1,670.93 <br />The budget parameters were discussed with the City Council on January 191 and 201 at <br />our Financial Management Planning — Goal Setting meetings. <br />