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<br /> <br />MEMORANDUM <br /> <br />DATE: March, 26 2019 <br /> <br />TO: Mayor and City Council <br /> <br />FROM: Shelly Rueckert, Finance Director <br /> <br />ITEM: Public Hearing – 2020 General Operating Budget <br /> <br />The attached materials are a summary of the 2020 General Operating Budget. Highlights <br />of the 2019 budget include: <br /> <br />1) General Operating Budget $ 7,200,728 <br /> <br />2) General Fund Levy $ 4,324,113 <br /> <br />3) Overall Levy $ 7,311,453 <br />└ 6.74% increase over 2018 <br /> <br />4) Median Valuation in 2019 $ 292,000 <br />└ Up $18,000 from 2018 <br /> <br />5) City Portion of Property Taxes $ 1,925.30 <br /> <br />6) Breakdown of 2019 Property Taxes for Median valued home: <br /> <br />General Fund $ 1,165.80 <br />Roads $ 516.26 <br />Public Works/Fire Buildings $ 92.57 <br />Capital Improvements $ 90.64 <br />Tax Abatement $ 60.03 <br /> $ 1,925.30 <br /> <br /> <br />Potential factors impacting upcoming budget were discussed with the City Council on <br />January 10th and 11th at our Financial Management Planning – Goal Setting meetings. <br /> <br />19