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19 <br />MEMORANDUM <br />DATE: April 20, 2011 <br />TO: Mayor and City Council <br />FROM: Mike Morrison, City Manager <br />Roger Larson, Finance Director <br />ITEM: PUBLIC HEARING — 2012 GENERAL OPERATING BUDGET <br />The attached materials are a summary of the 2011 General Operating Budget. Highlights <br />of the 2011 budget include: <br />1) General Operating Budget <br />$5,478,000 <br />2) General Fund Levy $2,945,511 <br />a. Same as 2009, 2010 — 0% increase for last three years. <br />b. $108,606 less than the 2011 Levy Limit Set by State. <br />3) Median Valuation in 2011 <br />a. Down from $238,000 in 2010. <br />4) City Portion of Property Taxes <br />5) Breakdown of 2011 Property Taxes: <br />General Fund <br />Road Improvement Levy <br />Public Facilities <br />Tax Abatement <br />PBRA Levy <br />City Taxes <br />$ 225,000 <br />$ 1,252.85 <br />$ 768.10 <br />$ 338.92 <br />$ 106.05 <br />$ 37.83 <br />$ 1.95 <br />$ 1,252.85 <br />The budgeting goals were discussed with the City Council on January 13°i & 14°' at our <br />Financial Management Planning - Goal Setting meetings and Capital Equipment was <br />discussed at the April 4"' work session. <br />