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<br /> <br />MEMORANDUM <br /> <br />DATE: May 8, 2018 <br /> <br />TO: Mayor and City Council <br /> <br />FROM: Shelly Rueckert, Finance Director <br /> <br />ITEM: Public Hearing – 2019 General Operating Budget <br /> <br />The attached materials are a summary of the 2018 General Operating Budget. Highlights <br />of the 2018 budget include: <br /> <br />1) General Operating Budget $ 6,835,142 <br /> <br />2) General Fund Levy $ 3,975,534 <br /> <br />3) Overall Levy $ 6,850,011 <br />└ 6.19% increase over 2017 <br /> <br />4) Median Valuation in 2018 $ 274,000 <br />└ Up $14,000 from 2017 <br /> <br />5) City Portion of Property Taxes $ 1,781.73 <br /> <br />6) 2018 Local Government Aid exact amount will not be known until legislative <br />action has been completed. <br /> <br />7) Breakdown of 2018 Property Taxes for Median valued home: <br /> <br />General Fund $ 1,059.19 <br />Roads $ 488.88 <br />Public Works/Fire Buildings $ 91.89 <br />Capital Improvements $ 81.58 <br />Tax Abatement $ 60.59 <br /> $ 1,781.73 <br /> <br /> <br />Potential factors impacting upcoming budget were discussed with the City Council on <br />January 11th and 12th at our Financial Management Planning – Goal Setting meetings. <br /> <br />19