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Council Report — Budget <br />August 17, 2010 <br />Notes <br />1. The budgets reflect a 3% wage increase for union and <br />non -union employees (2.5% step and .5% COLA). The <br />actual decision on what employee wage increases will be is <br />a decision made by the Council. <br />The Job Evaluation Committee met to review job <br />descriptions. See attached minutes of that meeting. The <br />cost of living has been inconsistent as shown on the CPI <br />attachment. The attachment shows that the percent change <br />from June 2009 to June 2010 for Midwest urban — <br />nonmetropolitan cities less than 50,000 is at 1.5 %. This is <br />the most current information available at this time. <br />2. The General Fund budget reflects an additional $35,000 <br />in revenue in anticipation of a levy settlement/MVHC <br />shortfall. The following table shows the trend. <br />YEAR <br />ANTICIPATED <br />LEVY SETTLEMENT <br />AMOUNT <br />ACTUAL <br />LEVY SETTLEMENT <br />AMOUNT <br />DIFFERENCE <br />2005 <br />$ <br />1,100,000.00 <br />$ <br />1,108,561.06 <br />$ <br />8,561.06 <br />2006 <br />$ <br />1,300,000.00 <br />$ <br />1,316,746.65 <br />$ <br />16,746.65 <br />2007 <br />$ <br />1,360,000.00 <br />$ <br />1,349,957.66 <br />$ <br />10,042.34 <br />2008 <br />$ <br />1,458,000.00 <br />$ <br />1,438,880.67 <br />$ <br />19,119.33 <br />2009 <br />$ <br />1,474,000.00 <br />$ <br />1,443,731.91 <br />$ <br />30,268.09 <br />TOTAL <br />$ <br />34,122.05 <br />2010 1 $ 1,446,000.00 1 $ 710,132.27 1 $ 735,867.73 <br />For 2010, the City has only received the first half of the levy settlement. The anticipated first half <br />of the levy settlement is $723,000; therefore, the City is at a $12,867.73 deficit. <br />For 2011, the MN Dept. of Revenue is estimating a market value homestead credit cut of <br />\..� $28,153. <br />