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<br /> <br /> <br /> M E M O R A N D U M <br /> <br /> <br />DATE: December 12, 2017 <br /> <br />TO: Mark Casey, City Manager <br /> <br />FROM: Shelly Rueckert, Finance Director <br /> <br />ITEM: 2018 Final Levy / General Fund Budget <br /> <br /> <br />At the September 12th City Council meeting a public hearing was held setting the preliminary <br />2018 property tax levy and the 2018 General Fund Budget. <br /> <br />City Staff is reaffirming the preliminary 2018 property tax levy established at $6,850,011. The <br />2018 levy represents an increase of $399,226 or a 6.19% increase from 2017. <br /> <br />The components of the 2018 Final property tax levy are as follows: <br /> <br /> <br /> <br />The standard parameters for preparing the General Fund Budget and Levy include: <br /> <br /> City revenues budgeted using current run rates for sources that are subject to trends and <br />conservative baseline estimates for re-occurring aids and charges for services. <br /> Expenses budgeted at amounts that will maintain present level of City services. <br /> Liquor transfers are based on expected operating results. <br /> <br /> <br /> <br />The General Fund Budget and Levy cost drivers are as follows <br /> <br />Each year the General Fund revenue and expenditure budget line items are examined for <br />changes in expected collections/charges, labor adjustments, changes in contract rates, <br />insurance rates, utility costs, usage of various materials or needs, etc. The findings of this <br />examination produce the drivers associated with the proposed 11.25% increase in the General <br />Fund Levy - see below: <br /> <br />2017 $ Change 2018 % Change <br />General Fund 3,573,493$               402,041                   3,975,534$                11.25% <br />HRA 157,800                    4,734                       162,534                     3.00% <br />CIP 233,200                    ‐                           233,200                     0.00% <br />Road Improvement Debt 1,827,208                6,223                       1,833,431                 0.34% <br />Lease Revenue Bonds 361,207                    (16,325)                   344,882                     ‐4.52% <br />Tax Abatement 224,877                    2,553                       227,430                     1.14% <br />Building Improvement Fund 73,000                      ‐                           73,000                       0.00% <br />Total 6,450,785$              399,226$                6,850,011$               6.19% <br />21