2019.12.02 CC Packet - Laserfiche WebLink

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4.1 City of UFO 14669 Fitzgerald Avenue North, Hugo, N1N 55038 (651) 762-6300 www.ci.hugo.mn.us TO: Honorable Mayor Tom Weidt and Members of the City Council FROM: Ron Otkin, Finance Director SUBJECT: 2020 Final Budget and Tax Levy DATE: For the City Council Meeting of December 2, 2019 DESIRED COUNCIL ACTION Adopt Resolution Approving the General Fund Budget for the 2020 Fiscal Year. Adopt Resolution Approving Final Tax Levy Payable in 2020. COMMENTS On September 16, 2019, the City Council adopted a preliminary 2020 tax levy of $8,313,784. Washington County has determined that based on their estimate of tax capacity the urban tax rate will increase to 39.186% of tax capacity (up from 36.330%) and the rural tax rate will increase to 35.297% of tax capacity (up from 32.798%). Attached for City Council consideration are two resolutions that approve the general fund budget and approve the final tax levy payable in 2020. Staff feels that the final budget document accurately reflects the true cost of operations and meets the goals put forth by the City Council concerning spending and taxation levels. As such, the staff recommends adoption of these resolutions. ACKNOWLEDGMENTS The preparation of the budget document on a timely basis could not have been accomplished without the efficient services of the department heads. I want to express my appreciation to the City Administrator, Mayor, and Members of the City Council for their interest and support in planning and conducting the financial operations of the city. ATTACHMENTS Resolution Approving the General Fund Budget for the 2020 Fiscal Year Resolution Approving the Final Tax Levy Payable in 2020 2020 Budget Document