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M E M O R A N D U M DATE: August 24, 2021 TO: Mayor Stille, City Council Members, City Manager Yunker FROM: Shelly Rueckert, Finance Director ITEM: 2022 Preliminary Levy / General Fund Budget At the March 9th work session, the City Council and staff reviewed the proposed 2022 Debt Levy. The Debt Levy provides funding for 2022 debt service payments for the Road Improvement debt, Lease Revenue debt (city buildings) and the Tax Abatement debt (parks and sidewalks). The proposed 2022 Debt Levy was approved at the July 13th City Council Meeting. At the June 8th work session, The Staff provided the City Council with an early projection regarding the overall levy and General Fund Budget. Staff presented an updated overall levy scenario and a detailed 2022 General Fund budget at the August 10th Council work session. The City Council also reviewed the proposed adjustments to the Housing Redevelopment Authority (HRA) levy, Capital Improvement and Building Improvement Fund levies. The Levy proposed below reflects the work session discussions. The proposed 2022 overall levy is $8,243,092, which represents an increase of $377,497 or a 4.8% increase compared to the 2021 overall levy. The standard parameters used for preparing the General Fund Budget and Levy include: •City revenues budgeted at current run rates for sources that are subject to trends and conservative baseline estimates for re-occurring aids and charges for services. •Expenses budgeted at amounts that will maintain present level of City services. •Liquor transfers to the General Fund are based on liquor operating results. The General Fund Budget and Levy details: Each year the General Fund revenue and expenditure budget line items are examined for changes in expected collections/charges, labor adjustments, changes in contract rates, insurance rates, utility costs, usage of various materials or needs, etc. The findings of this 2021 $ Change 2022 % Change General Fund 4,754,650$ 325,647 5,080,297$ 6.85% HRA Fund 197,564 11,850 209,414 6.00% CIP Fund 283,200 25,000 308,200 8.83% Debt Service Funds 2,487,181 - 2,487,181 0.00% Infrastructure Fund 60,000 5,000 65,000 8.33% Building Improvement Fund 83,000 5,000 88,000 6.02% Park Improvement Fund - 5,000 5,000 NA Total 7,865,595$ 377,497$ 8,243,092$ 4.80%