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11 <br />MEMORANDUM <br />DATE: April 2, 2009 <br />TO: City Council <br />FROM: Mike Morrison, City Manager <br />Roger Larson, Finance Director <br />ITEM: PUBLIC HEARING 2010 OPERATING BUDGET <br />The attached materials are a summary of the 2009 General Operating Budget. Highlights <br />of the 2009 budget include: <br />1) General Operating Budget <br />2) General Fund Levy <br />3) Average Taxable Valuation <br />4) Average City Portion of Property Taxes <br />$5,277,400 - 5.58% increase <br />$2,945,511 - Maximum Levy Limit <br />$ 246,000 - Down from $258,000 <br />$ 1,181.02 - $25.51 Increase <br />As we move forward with the 2010 budgeting process, Staff and Council are also in the <br />process of revising the 2009 budget. The State budgeting shortfall will reduce the City's <br />Market Value Credit by $135,000. <br />Final recommendations of the cuts to the 2009 Budget and the 2010 Budget will be <br />discussed at the upcoming May 4`h work session (all Departments will be present). <br />