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r <br /> AGENDA ITEM #5.1 ' <br /> City of I <br /> Pequot <br /> Lakes= _ <br /> REPORT TO CITY COUNCIL <br /> Report Prepared by: Nancy Malecha <br /> Date: September 4, 2018 <br /> Subiect: 2019 Preliminary Levy <br /> Report: Attached are the 2019 preliminary budgets and levies. The � <br /> preliminary levies are as follows. <br /> • General Revenue Tax Levy - $1,705,945 ($84,175 increase— 5.19%) <br /> • Tax Abatement Levy - $20,920 ($4,905 increase— 30.63%) <br /> • HRA Special Levy - $38,250 (no change— 0%) <br /> The following information is included in the 2019 preliminary budgets and levies <br /> per the Council discussion from the August 23rd Special City Council Meeting. <br /> • Retained the $10,000 cost of signage in the preliminary budget, at this time, <br /> for the City Hall & Public Works facilities as quotes obtained by Council <br /> Member Pederson and myself have dramatically differed. <br /> • Increased cost of health insurance premiums - From 10% to 15.66%. <br /> • Included a generator purchase for $43,000 to be funded by grants and fund <br /> balance. Attached is a memorandum from Sergeant Turcotte regarding the <br /> proposed generator expenditure. <br /> • 2018 Street & Utility Improvements Project—Projected cost of$862,500. <br /> Annual interfund loan payback amount of$82,800 for 12 years beginning in <br /> 2019. 50% of the annual payback amount from levy funds and 50% from <br /> water and sewer funds. <br /> • 2019 Trailside Park Master Plan Project—Estimated cost of$2,600,000. <br /> Annual bond payment of$176,000 for 20 years beginning in 2020. <br /> • 2019 Rasmussen Road Improvement Project— Estimated cost of$2,500,000. <br /> Utilization of road turnback funds (50%) and levy funds (50%) to finance <br />